Summary of Key Points
Saisi once built its "Askjie" brand by exclusively partnering with Huawei, which led to a market value exceeding 300 billion yuan. However, due to its over-reliance on Huawei's technology and lack of independent R&D capabilities, coupled with an increase in the number of car companies collaborating with Huawei, Saisi's market value plummeted by 170 billion yuan to 120 billion yuan. In an attempt to save itself, Saisi tried to replicate its strategy of partnering with a giant company by joining forces with ByteDance to launch a new brand. Nevertheless, the capital market was skeptical of this move, as Saisi still remained essentially a pawn in the giants' game plan for entering the automotive industry.
I. Market Value Collapse: From 300 Billion to 120 Billion Yuan – A Rational Return from Over-inflated Valuations
Saisi's peak market value was entirely fueled by the "Huawei halo." In 2025, it was Huawei's exclusive partner for HarmonyOS-based smart vehicles, enjoying access to Huawei's Qiankun intelligent driving and HarmonyOS cockpit technologies. Saisi also benefited from Huawei's nationwide network of retail stores for car sales, with executives like Yu Chengdong personally promoting the products, making models like the Askjie M7/M8/M9 extremely popular in the 300,000 to 500,000 yuan price range. The capital market viewed Saisi as the sole vehicle for Huawei's automotive ambitions, assigning it a valuation far exceeding that of traditional car companies (for example, Saisi's market value once exceeded 100 billion yuan, while established players like SAIC and Great Wall, with annual sales in the millions, had much lower valuations).
This valuation was inherently speculative: over 80% of Saisi's revenue and its valuation premium came from the Askjie brand, as it did not possess any core technologies of its own and relied entirely on Huawei for critical components. As the number of car companies collaborating with Huawei increased (including "five other brands"), Saisi's exclusivity diminished, leading to a market value drop from 300 billion yuan to 120 billion yuan – reflecting the true perception of a company without independent R&D capabilities.
II. Huawei's Changing Attitude: From Exclusive Favorite to Ordinary Supplier
Huawei's goal is to integrate intelligence into every vehicle, and it is unlikely to limit its partnerships to Saisi alone. With more car companies collaborating with Huawei, Saisi has shifted from a favored partner to an ordinary supplier. More importantly, Huawei's relationship with Saisi is one of technology licensing: in the first half of 2022-2025, Saisi paid Huawei 75 billion yuan in procurement fees, with 20 billion yuan alone in the first half of 2025, meaning that for every Askjie car sold, Huawei earned a profit of 140,000 yuan.
Although Saisi's sales figures seemed impressive (with the Askjie series accounting for 72.3% of HarmonyOS-based vehicle deliveries in 2025), it was essentially working as a contractor for Huawei, with most of the profits going to Huawei, and its position could be easily replaced by other partners.
III. Saisi's Hopes of Partnering with ByteDance: Copying the Askjie Success, but Unrecognized by the Capital Market
Saisi's strategy was simple: if partnering with Huawei worked, then partnering with another giant (like ByteDance) should too. ByteDance has a strong content ecosystem and AI technology (the DouBao large model), which complemented Huawei's offerings without directly competing with them. Saisi collaborated with ByteDance's Volcano Engine and even rumored the creation of a new brand called "SaiDou Technology" to replicate the Askjie's success. However, the capital market saw through this move, as it was clear that Saisi still did not intend to invest in independent R&D and was merely seeking another giant to support its operations.
IV. A Pawn in the Giants' Game: Saisi's Lack of Independence
Neither Huawei nor ByteDance sees Saisi as a critical player; they use it as a tool to advance their automotive strategies. Huawei used Saisi to enter the high-end new energy market and test its smart technologies, while ByteDance aims to integrate DouBao's AI into cars, an area with high user engagement (second only to smartphones). For these giants, Saisi is dispensable; they can easily find other partners if needed. Without Huawei or ByteDace's technology, Saisi would revert to its former status as a low-end fuel vehicle manufacturer.
V. The Fundamental Issue: Dependence on Giants
The core problem for Saisi lies in its inability to establish independent R&D capabilities. It has always positioned itself as a partner that collaborates on innovation and implements technology, acknowledging its lack of self-sufficiency. Whether partnering with Huawei or ByteDance, Saisi's role remains that of a contractor. This model allows for quick profits in the short term but lacks long-term sustainability. Without investing in R&D, Saisi's market value and sales will collapse if its partners withdraw their support.
This news story highlights a common pattern: companies that rely on giants may experience temporary success but will ultimately fail without their own core technologies. Saisi's fate reflects the reality for many such businesses – to achieve sustainable growth, they must move from dependence to autonomy.