Huawei’s Carmaking Partners Take a Stake in Parts Firm Backed by Tech Titan
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Potential customers admire a Huawei-powered Luxeed S7 electric car at its flagship store in Shanghai on Nov. 3, 2024.
Shenzhen Yinwang Intelligent Technology Co. Ltd., the Huawei-backed firm making components for smart cars, has added Avatr and Seres as new shareholders with their executives joining its board.
The move comes as the company continues to attract external investment amid increasing revenue as more carmakers adopt its smart driving systems.
Founded in 2019 as Huawei Technologies Co. Ltd.’s intelligent automotive business unit, Yinwang completed its spinoff from Huawei in January 2024 to become an independent company.
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- Shenzhen Yinwang Intelligent Technology, formerly part of Huawei, completed its spinoff in January 2024 and has attracted new shareholders Avatr and Seres, both investing 11.5 billion yuan for a 10% stake each.
- Yinwang’s leadership includes Huawei's Xu Zhijun as chairman, with continued involvement from other Huawei executives.
- Growth in Huawei's smart vehicle tech led to a 474% revenue increase in 2024, while expanding partnerships with major automakers like Changan and introducing new brands like Aito and Luxeed.
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What Happened When
- 2019：
- Shenzhen Yinwang Intelligent Technology Co. Ltd. was founded as Huawei Technologies Co. Ltd.'s intelligent automotive business unit.
- January 2024：
- Yinwang completed its spinoff from Huawei to become an independent company.
- 2024：
- Huawei's car business unit's revenue increased 474% to 26.35 billion yuan, marking the unit's first yearly profit.
- 2024：
- 15 models were launched and more than 23 million components were shipped by Huawei.
- February 28, 2025：
- The second payment of investment by Avatr and Seres was made, marking the official closing date of the deal.
- By 2025：
- The Chinese market is expected to experience a 'breakout year' for smart driving.
AI generated, for reference only
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