In under four years, Seres Group Co., a small Chinese automaker once best known for its 30,000 yuan ($4,200) 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 Co. 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%.
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.
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% decline in 2024, ThinkerCar data show, impacted by the nation’s economic slowdown and weak consumer sentiment.
A more unique hurdle to Seres lies in its tie-up with Huawei.
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.
