Chinese NEV maker Seres said on Tuesday that it is deepening cooperation with partner Huawei to grow the AITO brand into a globally leading automotive marque.

The two companies will make full use of their respective resources and expertise and work in collaboration in terms of design and marketing for mutual business success, according to their deal.

The deal, which came on the heels of the one inked in 2023, further indicates the two companies'dedication to the current business mode and their ambition to push forward the AITO brand's development.

Also on Tuesday, Seres said it is to purchase AITO-related trademarks and patents from Huawei, priced at 2.5 billion yuan ($343.8 million).

The purchase would not change their current cooperation and instead ensures the brand's long-term prospects, the carmaker added.

Seres said it also plans to invest in Huawei's joint venture in smart vehicle solutions.

Seres and Huawei started their cooperation in 2021 and have since rolled out a number of AITO-branded models, which are becoming increasingly popular among Chinese car buyers.

Statistics show that AITO sales hit a record high of over 40,000 vehicles in June, of which the flagship M9 numbered 17,241 units. Seres said more AITO models are to hit the market later this year.