Chongqing - Shenzhen Yinwang Intelligent Technology, the Huawei-backed smart car component maker, has added Avatr and Seres as new shareholders, with their executives joining the board. This move comes as the company sees growing revenue from increased automakers' adoption of its smart driving systems.

In November 2023, Changan Automobile entered into an investment cooperation memorandum with Huawei, during which Huawei revealed plans to spin off its smart car solutions business, known as the Car BU, and create a new company open to external investment.

Huawei's 2024 annual report, released on March 31, shows the Car BU's revenue of 26.353 billion yuan, a 474.4% year-on-year increase. The Car BU's rapid revenue growth is driven by the rising number of vehicles using Huawei's full smart components. 

By the end of 2024, 15 models have launched, and over 23 million components have been shipped, a nearly seven-fold increase from the previous year.

Additionally, the company applied for multiple trademarks, including "Spatiotemporal Smart Suspension Network" and "Spatiotemporal Smart Magic Carpet," covering transportation, website services, scientific instruments, and other fields, signaling Huawei's innovation in smart automotive suspension technology.

Founded on January 16, 2024, Yinwang is a Huawei-owned company with a registered capital of one billion yuan. It specializes in the research, design, production, and sales of automotive intelligent systems. 

On August 20, 2024, Avatr Technology agreed to buy 10% of Yinwang from Huawei for 11.5 billion yuan. On October 16, 2024, Avatr paid the first installment of 2.3 billion yuan; on February 28, 2025, it completed the second payment of 5.75 billion yuan.

Avita 011 realizes a software-defined car. (Photo/ Huawei)

On August 25, 2024, Seres invested 11.5 billion yuan for a 10% stake in Yinwang, under an agreement with Huawei. On October 30, 2024, Seres paid the first installment of 2.3 billion yuan, followed by the second installment of 5.75 billion yuan on February 28, 2025.

The AITO M5 has a large 80L front storage box for easy access. (Photo/ Huawei)

Both Avatr Technology and Seres still have final transfer payments to make to Huawei.