SERES Group's net loss narrows YoY in Q1 2023

Beijing (Gasgoo)- SERES Group, the car-making partner of Huawei, recently released its first-quarter financial report for 2023. With a slight year-on-year decline of 0.79%, the company generated a total operating revenue of 5.091 billion yuan during the reporting period. 

AITO M5 lineup; photo credit: AITO

However, SERES Group’s first-quarter net loss attributable to shareholders shrank to 625.067 million yuan, compared to a loss of 838.898 million yuan in the same period last year. Similarly, the adjusted net loss reduced to 923.745 million yuan, from the 757.18 million yuan of loss in the previous year.

Interestingly, SERES Group witnessed a year-on-year increase in sales volume for the first quarter of this year. According to preliminary sales and production data, the company sold a total of 41,938 vehicles, with sales of new energy vehicles reaching 19,973 units, which marked a substantial year-on-year growth of 40.65%. 

Among SERES Group’s new energy vehicle brands, SERES Auto, which operates the AITO brand jointly developed with Huawei, experienced the highest sales volume and garnered significant market attention. In the first quarter of this year, SERES Auto achieved an impressive sales volume of 11,674 units, reflecting a year-on-year surge of 131.44%.