Asia Tech Wire (July 3) -- Huawei has transferred trademarks related to electric car brand AITO Wenjie to its partner Seres.

Chinese automaker Seres Group (601127.SH) disclosed late Tuesday that its subsidiary Seres Automobile Co., Ltd. intends to acquire a series of word and graphic trademarks held by Huawei and its affiliates, including AITO Wenjie, for 2.5 billion yuan (US$343.7 million).

Seres, which produces AITO Wenjie electric vehicles featuring Huawei's intelligent vehicle solutions, plans to pay off the transaction price by Dec. 30, 2024, according to the statement.

The automaker said the deal does not affect the joint business of the two companies, which will further deepen their partnership.

Meanwhile, Seres announced that it has signed an agreement with Huawei to further deepen their joint business cooperation, focusing on building AITO Wenjie into a world-class leading brand of new luxury vehicles.

In response, Huawei said it will continue to support Seres in building and selling Wenjie cars.

"Huawei has consistently maintained that it does not build cars, but instead utilizes its leading smart connected car technology to continue to help car companies build good cars and sell good cars," the company said.

The latest data shows that AITO Wenjie car deliveries exceeded 40,000 units in June, a record high.