【Pinoy Archives】
Huawei’s automotive business unit swung to a net profit of RMB 2.23 billion ($313 million) in the first six months of this year,Pinoy Archives while revenue more than doubled to over RMB 10.4 billion, boosted by surging demand for partner Seres’ electric vehicles. The unit had losses of RMB 7.6 billion and RMB 5.6 billion in the last two years. The numbers were revealed in a regulatory filing on Sunday by Seres, which also announced it would invest RMB 11.5 billion for a 10% share in Shenzhen Yinwang Intelligent Technology Co., Ltd. The wholly-owned subsidiary of Huawei, also called Newcool, is set to absorb its car business unit.
The news comes just days after Huawei, on August 20, struck a similar deal with Chinese state-owned automaker Changan Automobile, marking the spin-off of the tech giant’s Intelligent Automotive Solution (IAS) business unit for a diversified ownership structure. Seres delivered 222,679 units of Aito-branded EVs, featuring Huawei’s assisted driving technology and HarmonyOS operating system, from January to July, compared with just 31,781 units delivered over the same period last year. This helped boost the gross margin of Newcool to 55.36%, up from 32.13% last year. Seres accounted for more than 60% of Newcool’s revenue in the first six months of this year, according to the filing. [TechNode reporting, Seres filing, in Chinese]
Search
Categories
Latest Posts
Throne of Games
2025-06-25 23:35Interviewing Philip Levine: A Remembrance
2025-06-25 22:09There’s an Erotic Animated Don Quixote, and It’s Terrifying
2025-06-25 22:06Ron Arad’s Haunting, Flattened Cars Remind of J. G. Ballard
2025-06-25 21:33The People’s Platform Goes to Washington
2025-06-25 21:05Popular Posts
It’s a THAAD, THAAD, THAAD World
2025-06-25 22:43Ghostly Beauty: Anna Atkins, the First Woman to Take a Photo
2025-06-25 22:42Stevie Smith’s Eccentric Reading Style
2025-06-25 22:21Our Shrinking Vocabulary of Landscape
2025-06-25 22:12The “Classical Liberal” Pivot
2025-06-25 21:30Featured Posts
Hang-Ups
2025-06-25 23:36The Nervous Systems of Books
2025-06-25 23:19Avoid This Book: The History and Romance of Elastic Webbing
2025-06-25 21:58“Readers Make Their Mark”: Marginalia Collected
2025-06-25 21:12Juneteenth, From Atlanta to Oakland
2025-06-25 21:08Popular Articles
Plunged Into Darkness
2025-06-25 23:23What’s the Emotional Value of a Word?
2025-06-25 23:01Staff Picks: Adam Phillips, Steven Church, and More
2025-06-25 23:00There’s an Erotic Animated Don Quixote, and It’s Terrifying
2025-06-25 22:13How Education Reform Ate the Democratic Party
2025-06-25 20:59Newsletter
Subscribe to our newsletter for the latest updates.
Comments (3379)
Mystery Information Network
Yet another stellar week in hell.
2025-06-25 23:00Fashion Information Network
Karl Ove Knausgaard and Television in America
2025-06-25 21:29Free Roaming Information Network
In Which George du Maurier Feels Neglected By His Mom
2025-06-25 21:19Pioneer Information Network
Need the Right Description? Let the Mustache Be Your Guide
2025-06-25 21:05Heat Information Network
The Party Bosses Decide
2025-06-25 20:56