SERES Group’s revenue dips 11.14% YoY in H1 2023

Beijing (Gasgoo)- Chinese automaker SERES Group released its financial report for the first half of 2023 on August 30. It recorded a total operating revenue of 11.032 billion yuan in this period, marking an 11.14% year-on-year decrease.

AITO M5; photo credit: SERES

Amid cost-saving measures and enhanced operational efficiency, SERES Group managed to narrow its net loss to 1.344 billion yuan. 

During the first half of the year, the group faced a 26.66% year-on-year decline in cumulative vehicle sales, with a total of 92,163 units sold. The new energy vehicle sector, including the Huawei-powered AITO brand, experienced a 12.19% year-on-year dip in sales, which totaled 51,734 units.

Notably, in the second quarter of this year, SERES Group witnessed a sequential growth of 24.3% in new energy vehicle sales compared to the previous quarter. The financial report highlighted the company's commitment to high R&D investments in core new energy vehicle technologies, as well as its continuous recruitment of technical talents.

With the launch of the new AITO M7 five-seater variant and other models, along with increasing overseas sales and anticipated decreases in raw material costs, SERES Group anticipates improvements in sales and profitability for the second half of the year.

On August 26, the new AITO M7 five-seater variant made its debut at the Chengdu Motor Show 2023 and commenced pre-orders. The official release and delivery of the model are scheduled for September 12. Boasting expanded space and flexible configurations, the new model promises substantial enhancements in safety, driving experience, and intelligence, further enriching the company's product lineup and presenting growth opportunities.