ByteDance, the Chinese parent company of video-sharing site TikTok, issued a statement on the 6th, saying, "there are no plans for automobile production," Chinese media outlet Jiemian News reported.

According to the statement, the company recently confirmed that the name "Saidou" has been interpreted in some reports as "an automobile brand of ByteDance's AI (artificial intelligence) service 'Doubao'" or "ByteDance will engage in automobile production."

The statement explained that "such views are inaccurate," and that there are no plans for automobile production or the launch of an automobile brand. It also stated that Saidou is not an automobile brand launched by ByteDance or Doubao, and denied any capital tie-up between ByteDance and Saidou.

Furthermore, the cooperation between Doubao and ByteDance's Volcano Engine with partners in the automotive industry primarily involves providing technical services such as Doubao's large models and smart cockpits, with the aim of helping cooperation partners improve user experience.

Saidou refers to Chongqing Saidou Technology. The company's predecessor was Chongqing Landian Technology, which was under the control of automobile manufacturer Seres. Landian changed its name to Saidou in late May.

According to another Chinese media outlet, the largest shareholder of Saidou is Shaci Zhiyuan, an entity under the Chongqing Municipal State-owned Assets Supervision and Administration Commission, with a 34.5% stake. Seres's stake decreased to 32.96%. Regarding Saidou, information was recently reported that a new brand targeting the mass-market new energy vehicle market would be announced in June.