Seres' budget EV unit Landian raises ¥6.67B with CATL-linked investors
What's the deal? Seres, the Chinese automaker behind the AITO brand built with HuaweiDealroom has a profile for this one. Try Dealroom →, disclosed that its subsidiary Chongqing LandianDealroom has a profile for this one. Try Dealroom → Technology has signed capital increase agreements worth a combined ¥6.67B (roughly $920M). Five investors are participating, including entities linked to CATL, China's dominant battery maker. Other investors include Chongqing Shaqi Zhiyuan New Energy Technology, Chongqing Yuexing Jiasheng Enterprise Management, Ningbo Meishan Wending Investment, Jiangsu Bojun Industrial TechnologyDealroom has a profile for this one. Try Dealroom →, and Changzhou Xingyu Vehicle Lighting.
Landian positions itself as a maker of affordable smart EVs, targeting the 100,000–120,000 yuan ($14,000–$17,000) price segment — well below the premium AITO Wenjie lineup.
Why now? China's budget EV segment is one of the fastest-growing and most competitive in the world. Established players like BYD dominate with models such as the Seagull, while dozens of rivals jostle for market share. Seres needs outside capital to scale Landian quickly enough to compete.
The involvement of CATL-linked investors signals strategic alignment on battery supply — a critical cost component for affordable EVs where margins are razor-thin.
What could go wrong? The sub-120,000 yuan market is a brutal price war. BYD's vertical integration gives it a cost advantage few can match. Landian must prove it can differentiate on smart features without eroding already slim profits.
Running two distinct brands — premium AITO alongside budget Landian — also risks splitting Seres' management focus and resources.
The signal: CATL's participation as a corporate investor fits its established playbook of taking equity positions in automakers to cement battery supply relationships. The involvement of auto-component firms such as Jiangsu Bojun Industrial Technology and Changzhou Xingyu Vehicle Lighting suggests Landian is assembling a supply-chain consortium, not just raising cash — a model increasingly common in China's budget EV segment, where vertically integrated partnerships are essential to protecting wafer-thin margins.
