Seres Shares Fall Over 6% as Huawei Adjusts Smart Selection Car Model
Seres shares fell more than 6% intraday and over 5% at close on September 15, 2026, with turnover exceeding RMB 1.9 billion, after reports that Huawei will shift to an asset-light cooperation model and hand full control of Aito to Seres. Huawei will provide enablement while Seres takes the lead in products, marketing, sales and services. Neither company had issued an official response at the time.
In the afternoon of September 15, 2026, Seres shares continued to decline and dropped twice, with intraday losses at one point exceeding 6% and closing losses exceeding 5%. Trading volume increased markedly, with turnover exceeding RMB 1.9 billion. On the same day, news emerged that the Smart Selection car model between Huawei and Seres would be adjusted. Under the future arrangement, Huawei will cooperate with Seres in an asset-light manner. Leadership in product, marketing, sales, service and other links will shift from Huawei to Seres, with Huawei providing enablement, and Seres will take full control of Aito.
A person familiar with the matter said the model between the two sides will indeed be adjusted, but it is not the simple adjustment reported externally in which certain work is transferred from Huawei to Seres. Rather, it is a systematic and structural adjustment. The original intent of the adjustment is to give consumers a better experience, while also seeking to boost Seres' performance and give investors better returns.
As of the time the news emerged, Huawei and Seres had not yet issued an official response. This adjustment is a new exploration of the HarmonyOS Smart Mobility model. HarmonyOS Smart Mobility will focus its resources to accelerate the development of the Zhijie, Xiangjie, Zunjie and Shangjie brands, further consolidating its industry and market position.
Huawei and Seres have used the Smart Selection car model since 2021. Huawei was deeply involved in product definition, styling design, marketing, user experience and sales channels for Aito models, while Seres was mainly responsible for vehicle manufacturing and supply chain management. This model drove the launch of models including the Aito M5, M7 and M9. In 2025, Seres achieved new energy vehicle sales of 472,200 units, up 10.63% year on year. Among these, Aito delivered more than 420,000 vehicles for the full year, making it Seres' most core source of revenue. Aito M9 delivered more than 110,000 vehicles for the full year, ranking first in sales among models in the RMB 500,000 class for two consecutive years. In 2025, Seres' full-year revenue reached RMB 165.05 billion, with net profit attributable to shareholders of RMB 5.96 billion, achieving profitability for two consecutive years.
In the first half of 2026, Seres' revenue was RMB 57.49 billion, down 7.87% year on year, with a net loss of RMB 1.717 billion, compared with net profit of RMB 2.941 billion in the same period of 2025.
Under the HarmonyOS Smart Mobility model, in addition to Seres, Huawei also cooperates with JAC, SAIC, Chery and BAIC to jointly build five intelligent vehicle brands: Aito, Zunjie, Shangjie, Zhijie and Xiangjie. In addition to the HarmonyOS Smart Mobility model, Huawei's cooperation with automakers also includes a component supply model and the Huawei Inside (HI) model, which provides automakers with a full-stack intelligent vehicle solution. Brands such as Avatr (Changan) and Arcfox (BAIC) use this model.