Latest news with #AITO
Korea Herald
3 days ago
- Automotive
- Korea Herald
SERES Invited to Attend ASEAN-China-GCC Economic Forum
CHONGQING, China and KUALA LUMPUR, Malaysia, May 30, 2025 /PRNewswire/ -- On May 27, the ASEAN-China-GCC Economic Forum officially opened in Kuala Lumpur, aiming to create development opportunities and shared prosperity by strengthening cooperation in economy, trade, investment, and other fields. SERES, as a representative of China's new energy vehicle (NEV) enterprises, was invited to attend the forum. John Zhang, Chairman and President of SERES Group stated that with the brand slogan of "Intelligence Redefining Luxury," SERES focuses on the high-end luxury vehicle market, exploring a development path for Chinese automakers. For the markets of ASEAN and GCC member countries participating in the forum, SERES will accelerate the localized development and certification of relevant models, especially the high-end AITO series, to swiftly introduce them into target markets and achieve full coverage in the future. SERES' vehicle export business began in 2005. After years of development, the company has exported over 550,000 vehicles cumulatively to more than 70 countries and regions, including Germany, France, the UK, and Italy. In 2018, SERES established and put into operation a highly automated manufacturing plant in Indonesia integrating four major processes - stamping, welding, painting, and assembly, which became the first pure electric vehicle manufacturer in Indonesia. With a foothold in Indonesia, SERES is expanding its reach across ASEAN and continuously growing its presence in the Southeast Asian market. By attending the ASEAN-China-GCC Economic Forum, SERES is expected to further strengthen exchanges and cooperation with ASEAN and GCC member countries, accelerating the materialization of its overseas market expansion. During the interview, John Zhang introduced that SERES was founded in 1986 and has undergone three entrepreneurial phases—transitioning from auto parts to complete vehicles, and now to intelligent electric vehicles—achieving leapfrog development each time. Now, AITO brand is redefining luxury with intelligence and pioneering a "New Luxury" concept combining Traditional Luxury and Technological Luxury. With leading product strength, AITO has won recognition from more than 600,000 users, establishing itself as the benchmark of "New Luxury" in China. As a technology-driven company, SERES is committed to innovations of core technologies in electrification and intelligence, having developed the SERES MF Platform, SERES Super Range Extender, SERES Intelligent Safety, and SERES Super Factory, building a robust technological moat. In the face of the opportunities and challenges brought by global economic integration, SERES will embrace a more open and inclusive mindset, working together with partners from all sectors to jointly write a new chapter in the development of China's new energy vehicle industry. About SERES Founded in 1986, SERES is a leading technology company specializing in new energy vehicles (NEVs). With a workforce of approximate 20,000 employees, SERES is publicly listed on the A-share market and ranks among the Fortune China 500. The company is dedicated to the research and development, manufacturing, sales and services of new energy vehicles and their core NEV components. The name SERES is inspired by the Greek word for "the land of silk", evoking the luxuries of heritage of the East. SERES offers two NEV brands for overseas markets: AITO and DFSK. These brands provide a diverse range of products tailored to different market segments, with AITO focusing primarily on the high-end luxury segment. To date, SERES has exported over 550,000 vehicles to more than 70 countries and regions, including Germany, France, the United Kingdom, Italy, and many more countries.
Cision Canada
3 days ago
- Automotive
- Cision Canada
SERES Invited to Attend ASEAN-China-GCC Economic Forum
CHONGQING, China and KUALA LUMPUR, Malaysia, May 30, 2025 /CNW/ -- On May 27, the ASEAN-China-GCC Economic Forum officially opened in Kuala Lumpur, aiming to create development opportunities and shared prosperity by strengthening cooperation in economy, trade, investment, and other fields. SERES, as a representative of China's new energy vehicle (NEV) enterprises, was invited to attend the forum. John Zhang, Chairman and President of SERES Group stated that with the brand slogan of "Intelligence Redefining Luxury," SERES focuses on the high-end luxury vehicle market, exploring a development path for Chinese automakers. For the markets of ASEAN and GCC member countries participating in the forum, SERES will accelerate the localized development and certification of relevant models, especially the high-end AITO series, to swiftly introduce them into target markets and achieve full coverage in the future. SERES' vehicle export business began in 2005. After years of development, the company has exported over 550,000 vehicles cumulatively to more than 70 countries and regions, including Germany, France, the UK, and Italy. In 2018, SERES established and put into operation a highly automated manufacturing plant in Indonesia integrating four major processes - stamping, welding, painting, and assembly, which became the first pure electric vehicle manufacturer in Indonesia. With a foothold in Indonesia, SERES is expanding its reach across ASEAN and continuously growing its presence in the Southeast Asian market. By attending the ASEAN-China-GCC Economic Forum, SERES is expected to further strengthen exchanges and cooperation with ASEAN and GCC member countries, accelerating the materialization of its overseas market expansion. During the interview, John Zhang introduced that SERES was founded in 1986 and has undergone three entrepreneurial phases—transitioning from auto parts to complete vehicles, and now to intelligent electric vehicles—achieving leapfrog development each time. Now, AITO brand is redefining luxury with intelligence and pioneering a "New Luxury" concept combining Traditional Luxury and Technological Luxury. With leading product strength, AITO has won recognition from more than 600,000 users, establishing itself as the benchmark of "New Luxury" in China. As a technology-driven company, SERES is committed to innovations of core technologies in electrification and intelligence, having developed the SERES MF Platform, SERES Super Range Extender, SERES Intelligent Safety, and SERES Super Factory, building a robust technological moat. In the face of the opportunities and challenges brought by global economic integration, SERES will embrace a more open and inclusive mindset, working together with partners from all sectors to jointly write a new chapter in the development of China's new energy vehicle industry. About SERES Founded in 1986, SERES is a leading technology company specializing in new energy vehicles (NEVs). With a workforce of approximate 20,000 employees, SERES is publicly listed on the A-share market and ranks among the Fortune China 500. The company is dedicated to the research and development, manufacturing, sales and services of new energy vehicles and their core NEV components. The name SERES is inspired by the Greek word for "the land of silk", evoking the luxuries of heritage of the East. SERES offers two NEV brands for overseas markets: AITO and DFSK. These brands provide a diverse range of products tailored to different market segments, with AITO focusing primarily on the high-end luxury segment. To date, SERES has exported over 550,000 vehicles to more than 70 countries and regions, including Germany, France, the United Kingdom, Italy, and many more countries.
Yahoo
4 days ago
- Automotive
- Yahoo
Home-grown Chinese Carmakers Edge Past Luxury Brands BMW, Mercedes
European luxury carmakers are shrinking in China's rearview mirror as shifting dynamics in the world's largest auto market threaten to leave them behind. Case in point — a little-known, home-grown carmaker in China called Seres Group lapped BMW and Mercedes in car sales last year, enticing domestic customers with souped-up cockpits developed in partnership with the country's telecom giant Huawei Technologies. This story was originally published on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Seres Group's status as a luxury contender was cemented with its electric-vehicle brand AITO. Deliveries of its M9 SUV in 2024 totaled 151,000, surpassing BMW and Mercedes in the 500,000 yuan-and-up category (~$69,000), per a Bloomberg article citing data from Shanghai-based auto consultant ThinkerCar. AITO, an acronym for 'Adding Intelligence to Auto,' is something of a bellwether for shifting consumer preferences in China, where electrification and 'smartification' are in the driver's seat, according to McKinsey's 2024 China Auto Consumer Insights report. Its models feature luxury appointments, including roomy interiors and intelligent driving assistance, but come at affordable prices and with a domestic brand name. Stealth wealth has become more culturally palatable given China's macroeconomic challenges lately and President Xi Jinping's distaste for flashing cash. Legacy luxury automakers have acknowledged the environment while catering to customers there: 'In all major sales regions outside of China, we increased our sales compared to the same period of last year,' Oliver Zipse, chief of BMW, said in an earnings call in early May. 'Thanks to our strong performance in other markets, we were able to nearly offset the persistent challenges in the Chinese market.' Ola Källenius, chief of Mercedes-Benz, said the company is 'ever strengthening its commitment to China' in a presentation in Shanghai late last month of the Vision V, a luxury van he called a 'private lounge on wheels.' The German carmaker's first-quarter sales declined slightly year-over-year, primarily due to weakness in China. Per ThinkerCar data, BMW and Mercedes vehicle deliveries picked up in January and February this year, overtaking AITO. EV Traction. China's carmaking prowess, particularly in EVs, also shows up in other places, like Europe. BYD, the Chinese EV giant that has enticed investment from Warren Buffett, sold more of its cars in Europe than Tesla for the first time last month, according to London-based auto intelligence firm Jato Dynamics. However, BYD has hit roadblocks at home: Its shares plunged 8% on Monday as markets reacted to price cuts designed to clear inventory amid waning demand. Fears of a potential price war also dragged down other Chinese automakers, spurring slides of more than 5% for Li Auto, Great Wall Motor, and Geelo. The post Home-grown Chinese Carmakers Edge Past Luxury Brands BMW, Mercedes appeared first on The Daily Upside. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
25-05-2025
- Automotive
- Miami Herald
EV Discounts in China Reach Record High With Profits Limited to 3 Automakers
China has recently gained a reputation for offering significant electric vehicle (EV) subsidies, and new figures from April show that the country's discounts reached a record high of 16.8%, up 0.3% from March. While EV discounts are welcomed among drivers, the offers don't appear sustainable, given that few of China's EV makers are profitable. There are around 50 active EV makers in China, the most out of any nation globally. However, only three Chinese EV makers are currently profitable: BYD, Seres, and Li Auto. BYD is the world's largest automaker, Li Auto is Tesla's closest rival on the mainland, and Seres builds AITO-brand intelligent vehicles. AITO vehicles are all-electric and hybrid vehicles with advanced driver assist systems leveraging technology such as LiDAR, HD cameras, ultrasonic radars, and more. Last year, the difference between an EV's selling price and an automaker's production cost dropped from around 20% four years ago to 10%, Carscoops reports. Phate Zhang from CnEVPost said: "Nearly all of them were the victims of price competition. But if any of them chooses to exit the price war, their sales will decline and make it more difficult to post a net income," according to the South China Morning Post. The China Passenger Car Association reported China's average EV discount in 2024 as 8.3%. "Price reflects the balance between supply and demand. Price competition has turned fiercer this year. Unfortunately, we have not seen a jump in [EV] demand so far," Nick Lai, head of auto research in Asia-Pacific at JPMorgan, said, according to the South China Morning Post. Battery electric vehicles (BEVs) also saw a 10% price cut in December. Additionally, expensive development and marketing costs weigh down many up-and-coming EV brands in China. Lai highlighted strong exports as increasing Chinese EV makers' profits since their vehicles experience bigger margins overseas. During the first four months of 2025, Chinese EVs represented 33% of the country's total auto exports-up around 8% from the last two years, the South China Morning Post reports. In April, BEVs and hybrids were 33% of China's mainland vehicle exports. BYD has differentiated itself in Australia, one of Chinese EV makers' most competitive export destinations, by promoting low-rate finance alongside price cuts, especially for its plug-in hybrid (PHEV) lineup. Domestically, EVs were 43% of China's car sales between January and April, up 2% year-over-year. JPMorgan's financial report forecasts that Chinese EVs will represent 80% of the mainland's auto market by 2030. According to the South China Morning Post, analysts predict that more minor players in China's booming EV market will be acquired by larger rivals over the next two years or forced out altogether. Claire Yuan, director of corporate ratings for China Autos at S&P Global Ratings, said: "With persistent oversupply, the price war will prolong. Carmakers are introducing more low-price models to grab share in the mass market," Nikkei Asia reports. April's top-selling all-electric vehicle in China was the Star Wish sedan from Geely's Galaxy EV brand. A base Star Wish has a range of about 192 miles and is priced at $9,500. Comparatively, Tesla's Model 3 starts at about $32,688 in China. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
The Age
06-05-2025
- Automotive
- The Age
This luxury car can use ‘leap mode' for potholes – but it's not a Ferrari
You wouldn't suspect it from the crowds that vied for snaps with Porsche's line-up of new and classic models at Shanghai's auto show, but the German luxury carmaker has fallen on tough times in China. Chinese buyers have dimmed on the brand, whose sales plunged 42 per cent in the first quarter this year, accelerating a precipitous slide throughout 2024, as the country's economic downturn bites into the wallets of the luxury-loving classes. But the real culprit is the relentless march of China's electric vehicle industry, which, having conquered domestic demand for cheap, accessible cars, is making inroads into the high-end market where European brands once seemed unassailable. As hundreds of thousands of people traversed the sprawling, multi-level display floors showcasing more than 70 Chinese and international automotive brands at the fortnight-long Shanghai expo, there was plenty of anecdotal evidence of the challenges facing the legacy manufacturers. When it comes to price, technological prowess and even aesthetics, buyers are increasingly turning to homegrown Chinese brands. Next door to Porsche on the showroom floor was the Huawei-backed AITO brand, one of the Chinese companies eating the lunch of the foreign automakers. 'We would have considered a Porsche if we continued with an internal combustion engine, but it doesn't actually make much sense. We want to experience more high-tech things,' said Song Junqun, 41, a worker in the semiconductor industry. Song and his wife, Yu Qiong, were eyeing off the AITO's M9 luxury SUV, which pulled a sizeable crowd as people clambered into the leather-clad interior to test the software embedded in multiple screens. Huawei is viewed with suspicion in the West, particularly in Australia, where it was banned from the 5G network rollout. But in China, where it is the leading smartphone company, its pivot into the auto sector is paying off as customers seek out its cutting-edge smart driving systems. The M9 is billed as a direct rival to the Mercedes-Benz GLS, the car Song's family currently drives. But at about 500,000 yuan ($107,000), it's about half the cost. They considered Mercedes' latest EV models, and quickly passed them over. 'We made many comparisons and found that Chinese cars definitely perform better in the field of intelligent driving,' Song said. Amid the bright lights and cacophony of the Shanghai expo, one of the largest international car shows, it's almost unfathomable to think that 40 years ago, China didn't have a car manufacturing industry. Today, China is the world's biggest carmaker and exporter. Its booming EV industry is oversaturated with brands and models, sparking warnings from experts of a reckoning on the horizon. BYD, which made its first fully electric car in 2009, is now China's best-selling car brand. In 2024, it overtook Tesla as the world's top EV seller. It had sales of more than 4.27 million fully electric and hybrid vehicles, more than double its rival. Aside from BYD dominance, more than 130 Chinese EV brands are competing for the nation's buyers. The auto expo, which alternates between Shanghai and Beijing, has become a glitzy testament to the cut-price showdown in the overcrowded sector. Bolstered by generous Chinese state subsidies, most of the EV brands are loss-making ventures. BYD, Li Auto and the Seres Group (which produces the AITO brand) are among the few turning a profit. But the furious competition is driving an innovation race that spans the incredible to the absurd. At the BYD showroom, sales reps demonstrated its five-minute fast-charging technology. Another brand deployed a violin player to set the tune as its top model SUV 'danced' on its suspension. Other brands boasted rotating seats that allow back-seat passengers to face each other and play cards or, as one ill-advised promotional video shows, eat hotpot on the road. Another spruiked its 'pet-mode' customisation features. Under its luxury spin-off brand, Yangwang, BYD showcased its ultra-sleek U9 electric super-coupe – in red, of course. Alongside wing-like doors and acceleration that takes it from zero to 100km/h in under two seconds, it also has a 'leap mode' designed to jump potholes and, for unexplained reasons, road spikes. It's China's most expensive vehicle, priced at 1.68 million yuan ($360,000), pitched at the country's elite with a penchant for Ferraris or Lamborghinis. Just 160 have been sold so far in China, and while it is not widely available overseas, the vice president of the United Arab Emirates has purchased two, or so a sales rep told curious onlookers. While China's impressive technological strides in electrification should be applauded, the glut of brands heralds a warning for Australia, says Australian Automotive Dealer Association chief executive James Voortman. 'The Chinese brands are moving at a pace we've never seen before in this industry. But it is also a little bit disconcerting because it does have a feel that there are too many of them. There's a bit of a bubble,' Voortman, who visited the expo last month, says. AADA data shows there are about 60 car brands in Australia, more than a dozen of them Chinese. At least six further Chinese brands are expected to enter the market in the near future. Loading 'In Australia, we are reaching a dangerous level of oversupply. We have more makes and models than most developed countries,' Voortman says. 'It's a very perilous time.' While competition, most notably between BYD and Tesla, is driving down prices, the risk is that consumers and dealers are left high and dry when either legacy brands or new entrants quit the market, he says. Global consulting firm AlixPartners predicts that just 19 Chinese EV brands will be profitable by 2030. Among those warning of a consolidation is He Xiaopeng, chief executive of EV maker XPeng, who recently told his colleagues the next two years 'marks the elimination round in the automotive industry'. Australians still have a love affair with Japanese, Korean and US cars, which dominate new car sales. Toyota has been the country's top-selling brand for two decades. But even as EV sales in Australia have flattened recently, appetite for plug-in hybrids has soared. Last month, BYD's Shark 6 plug-in ute cracked the top 10 best-selling vehicles, in sixth spot. 'Your EV dollar in Australia these days is much more contested,' says Electric Vehicle Council head of legal, policy and advocacy Aman Gaur. The cheapest EV in Australia is BYD's Dolphin, priced under $30,000. Unlike Europe and America, which have imposed heavy tariffs on imported Chinese vehicles, Australia no longer has a local car manufacturing industry to defend. With no tariffs hobbling their entry, the Australian market, though comparatively small compared to its Asian neighbours, is seen by Chinese carmakers as a valuable testing ground for their competitiveness. 'If a Chinese car company can make a sound development in Australia, it can promote this model to other markets,' says Shanghai-based automotive analyst Zhang Xiang. Savvy Chinese buyers are also aware of the risks of betting on newer EV brands. Arriving at the show early to beat the midday rush, Mr Li, 35, a Peugeot driver for most of the past decade, made a beeline for BYD, passing the European carmakers and the less-established Chinese brands. 'The technology in Chinese cars, especially EVs, is more advanced than foreign cars,' he said. 'But new car-making brands are unstable and may go bankrupt one day. This is what I'm concerned about.'
