Huawei Technologies Co on Tuesday unveiled its upgraded SUV Aito M5, in collaboration with Chinese car maker Seres, in Beijing, as the tech company aims to expand its presence in the increasingly crowded new energy vehicle market.

With prices starting at 249,800 yuan ($34,360), the new car is set for mass delivery starting May 15th.

The M5 was first unveiled by Huawei in December 2021 as the first vehicle under the Aito brand. The upgraded new M5 features a laser radar system, along with the addition of remote parking functions.

Huawei said the upgraded M5 achieved over 10,000 cumulative orders within the first 12 hours of pre-sales.

Huawei has highlighted that it will not make the car itself. It has so far adopted two strategies to be a part of the auto supply chain. One is to supply components and technologies to automakers, like its cooperation with Changan Auto, said Zhong Shi, an independent auto analyst.

"The other is the intelligent car selection mode. Huawei not only participates in product modeling, interior design and intelligent solutions, but is also responsible for the marketing and sale of cars. A typical example is its cooperation with traditional car brands, such as Aito, which has proved to be successful," Zhong said.

During the launch event, Yu Chengdong, chairman of Huawei's intelligent automotive solutions business unit, highlighted Huawei's significant investment in intelligent driving technology, and said Huawei's high-end intelligent driving solutions priced below 300,000 yuan are sold at a loss.

Yu also revealed that the first product resulting from Huawei's partnership with BAIC Group is named the Stelato S9.

Expected to hit the market around July or August of 2024, the Stelato S9 is positioned as Huawei's inaugural luxury sedan, competing with the products of international brands such as Mercedes-Benz, BMW and Audi.