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Yahoo
6 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
Business Insider
22-05-2025
- Automotive
- Business Insider
BMW and Mercedes outsold in China by an automaker you've never heard of
A Chinese electric vehicle brand has overtaken longtime market leaders BMW and Mercedes-Benz at the top of the world's biggest auto market. Aito, an EV brand launched by Seres Group and tech giant Huawei, topped China's high-end car sales last year with 151,000 units delivered — surpassing BMW's 145,000 and Mercedes-Benz's 127,000, according to data from Shanghai-based consultancy ThinkerCar. Aito's rise is largely due to the success of its flagship M9, a luxury SUV that went on sale in late 2023. The M9 quickly proved popular with Chinese drivers thanks to its tech-heavy features, including Huawei's HarmonyOS operating system, a triple-screen dashboard, and premium interior options. Seres, previously known for low-cost minivans under its DFSK Motor brand, repositioned itself with the Aito brand after forming a strategic partnership with Huawei in 2021. Since then, rapid growth has resulted. Vehicle sales tripled over three years to about 427,000 units last year, and its stock rose by 120% on the Shanghai exchange over the same period. Aito's success reflects a major shift in China's premium auto segment, which was once dominated by foreign brands. In 2020, Mercedes-Benz was top with 259,000 sales, followed by BMW on 235,000 and Porsche on 79,000, per ThinkerCar data. By 2024, Chinese EV makers such as Aito and NIO had broken into the rankings, disrupting what ThinkerCar described as a BMW, Benz, and Audi "monopoly." Sales of Chinese EVs are also rising outside their home market. BYD outsold Tesla in Europe for the first time in April, according to JATO Dynamics data released on Thursday. BYD also outsold Tesla globally in the first three months of the year, selling about 416,000 EVs, compared with Tesla's 336,700 EVs.
Straits Times
19-05-2025
- Automotive
- Straits Times
China's luxury car brand that's come from behind to overtake BMW
Aito, through its popular M9 SUV, became the best-selling car brand in China last year in the 500,000 yuan and above category. PHOTO: AFP BEIJING – In under four years, Seres Group, a small Chinese automaker once best known for its 30,000 yuan minivans, has beaten luxury legacy names like BMW and Mercedes to become the nation's hottest high-end car seller. Formerly called DFSK Motor, Seres partnered with telecommunications giant Huawei Technologies back in 2021 to launch the Aito brand of premium electric and hybrid sport utility vehicles. Since then, Seres has had a dizzying rise. Sales tripled in three years to around 427,000 vehicles in 2024, while the company's Shanghai-listed stock is up 120 per cent. Aito, through its popular M9 SUV, became the best-selling car brand in China last year in the 500,000 yuan and above category, despite the vehicle only being launched at the end of 2023. Deliveries of the spacious model, which features Huawei's Harmony operating system, a triple-screen dashboard and options such as a dual-zone refrigerator and ambient lighting, were around 151,000 units, according to data from Shanghai-based automotive consultancy ThinkerCar. The M9's most basic battery EV version starts from 509,800 yuan. Aito's flagship models are 'reshaping the luxury car market in China,' Seres chairman Zhang Xinghai said at the Shanghai auto show in April. 'Aito's success today is thanks to the market's recognition and customers' preferences.' Outside of the M9, Aito's latest premium model is the M8, a slightly smaller SUV launched earlier this year. China's luxury segment was seen as the last slice of the automotive market relatively insulated from the EV transition that's left mass market foreign carmakers such as Volkswagen and General Motors struggling to catch up. It's often thought that newer EV manufacturers with zero pedigree couldn't match the brand prestige they offered. Aito has proven that wrong, and shown how Chinese consumers' luxury tastes are shifting. It's also testimony to the success of China's smartphone makers Huawei and Xiaomi Corp. When the pair, independently, first started talking about entering the EV market around four years ago, they faced a large amount of skepticism. Xiaomi's sales have been impacted by a fatal crash involving one of its vehicles in late March, but despite that, its SU7 sedan continues to see healthy demand. Fronting a media briefing in 2022, Mr Zhang said many doubted that Seres, which up until that point mainly made cheap minivans, and Huawei, which had never made vehicles before, could manufacture a luxury marque. Seres' success faces some challenges, however. The luxury car market in China experienced a 23 per cent decline in 2024, ThinkerCar data show, impacted by the nation's economic slowdown and weak consumer sentiment. There's also the ongoing price war. The sticker price for most of the 2025 refreshes of the M9 was cut by between 10,000 yuan and 20,000 yuan and Aito is starting to fall behind. In January and February, Mercedes delivered 22,160 vehicles and BMW, 18,130, to overtake Aito at 17,190 units, according to ThinkerCar. Seres' overall sales also slumped in first quarter, falling by 42 per cent. A more unique hurdle to Seres lies in its tie-up with Huawei. The technology giant is setting up similar in-car software deals with other manufacturers. It's launched EV ventures like Luxeed with Chery Automobile, and Stelato, with BAIC Motor, which also target the high-end market. That's led to concerns around homogenisation and cannibalisation. Even some of Seres' European competitors, such as BMW, have teamed up with Huawei to offer intelligent features in their vehicles. Richard Yu, who oversees Huawei's consumer business group, is sanguine, saying the Aito premium brand has had its share of setbacks in its short life. 'It's hard work every time we build a brand, especially luxury brands,' Mr Yu said at a product launch last September. 'But we won't give up and will keep persisting,' he said, adding that Huawei is determined to make a success out of every automotive brand it launches with partners, not just Aito. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
19-05-2025
- Automotive
- Business Times
China's luxury car brand that's come from behind to overtake BMW
[HONG KONG] In under four years, Seres Group, a small Chinese automaker once best known for its 30,000 yuan (S$5,403) minivans, has beaten luxury legacy names such as BMW and Mercedes to become the nation's hottest high-end car seller. Formerly called DFSK Motor, Seres partnered with telecommunications giant Huawei Technologies back in 2021 to launch the Aito brand of premium electric and hybrid sport utility vehicles. Since then, Seres has had a dizzying rise. Sales tripled in three years to around 427,000 vehicles in 2024, while the company's Shanghai-listed stock is up 120 per cent. Aito, through its popular M9 SUV, became the best-selling car brand in China last year in the 500,000 yuan and above category, despite the vehicle only being launched at the end of 2023. Deliveries of the spacious model, which features Huawei's Harmony operating system, a triple-screen dashboard and options such as a dual-zone refrigerator and ambient lighting, were around 151,000 units, according to data from Shanghai-based automotive consultancy ThinkerCar. The M9's most basic battery electric vehicle (EV) version starts from 509,800 yuan. Aito's flagship models are 'reshaping the luxury car market in China', Seres chairman Zhang Xinghai said at the Shanghai auto show in April. 'Aito's success today is thanks to the market's recognition and customers' preferences.' Outside of the M9, Aito's latest premium model is the M8, a slightly smaller SUV launched earlier this year. China's luxury segment was seen as the last slice of the automotive market relatively insulated from the EV transition that's left mass market foreign carmakers such as Volkswagen and General Motors struggling to catch up. It's often thought that newer EV manufacturers with zero pedigree could not match the brand prestige they offered. Aito has proven that wrong, and shown how Chinese consumers' luxury tastes are shifting. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up It's also testimony to the success of China's smartphone makers Huawei and Xiaomi. When the pair, independently, first started talking about entering the EV market around four years ago, they faced a large amount of scepticism. Xiaomi's sales have been impacted by a fatal crash involving one of its vehicles in late March, but despite that, its SU7 sedan continues to see healthy demand. Fronting a media briefing in 2022, Zhang said many doubted that Seres, which up until that point mainly made cheap minivans, and Huawei, which had never made vehicles before, could manufacture a luxury marque. Seres' success faces some challenges, however. The luxury car market in China experienced a 23 per cent decline in 2024, ThinkerCar data show, impacted by the nation's economic slowdown and weak consumer sentiment. There's also the ongoing price war. The sticker price for most of the 2025 refreshes of the M9 was cut by between 10,000 yuan and 20,000 yuan and Aito is starting to fall behind. In January and February, Mercedes delivered 22,160 vehicles and BMW, 18,130, to overtake Aito at 17,190 units, according to ThinkerCar. Seres' overall sales also slumped in the first quarter, falling by 42 per cent. A more unique hurdle to Seres lies in its tie-up with Huawei. The technology giant is setting up similar in-car software deals with other manufacturers. It's launched EV ventures such as Luxeed with Chery Automobile, and Stelato, with Baic Motor, which also target the high-end market. That's led to concerns around homogenisation and cannibalisation. Even some of Seres' European competitors, such as BMW, have teamed up with Huawei to offer intelligent features in their vehicles. Richard Yu, who oversees Huawei's consumer business group, is sanguine, saying the Aito premium brand has had its share of setbacks in its short life. 'It's hard work every time we build a brand, especially luxury brands,' Yu said at a product launch last September. 'But we won't give up and will keep persisting,' he said, adding that Huawei is determined to make a success out of every automotive brand it launches with partners, not just Aito. BLOOMBERG
Time of India
15-05-2025
- Automotive
- Time of India
MG Select launches ‘The Select Art' initiative across 14 cities
MG Select , the luxury brand division of JSW MG Motor India , has introduced ' The Select Art ', a nationwide initiative in collaboration with OffBeet Media Group. The programme is being mentored by visual artist Sidhant Gandhi , who is also known by his artist name 'toosid'. The initiative features 14 artists from 13 cities across India. Each artist has been commissioned to create a work around the themes of self-expression, innovation, and purpose. These pieces will be showcased at MG Select experience centres, which combine automotive retail spaces with gallery formats intended for cultural engagement and conversation. Art and community focus Milind Shah , Interim Head of MG SELECT, said, 'The Select Art project embodies MG Select's commitment to innovation and purpose. Through this, we aim to offer more than just a retail space; we want to create immersive environments offering our clientele the opportunities to enjoy contemporary art and experience our brand.' The artworks will be auctioned after the first year of the campaign. A portion of the proceeds will go towards MG Sewa initiatives supporting women and girls. Sidhant Gandhi, who works across illustration, digital media, and experimental formats, commented on his involvement: 'It has been an exciting journey to feature in The SELECT Art project. I anticipate these talented emerging artists to explore meaningful themes deeply relevant and personal to each of them and bring out amazing masterpieces.' Electric vehicle showcase The campaign also coincides with the introduction of two new electric vehicles from MG — the M9 and the Cyberster. The M9 is positioned as a limousine, while the Cyberster is presented as a high-performance model. Both vehicles are part of the company's broader shift towards design-led and sustainable mobility solutions. 'The Select Art' will continue throughout the year with installations and events across the MG Select centres.
