SERES Group forecasts narrowed net loss in 2023

Beijing (Gasgoo)- On January 24, Chinese automaker SERES Group announced an anticipated revenue of 35.5 billion yuan to 36.5 billion yuan for 2023, which would reflect a year-on-year increase of 4.09% to 7.02%. 

AITO M7; photo credit: AITO

Meanwhile, SERES expects a net loss of 2.1 billion yuan to 2.7 billion yuan for the year 2023, signaling a narrowing compared to the 3.83 billion yuan of net loss in the previous year.

The company attributed the expected loss to intensified investment in the R&D of high-end intelligent electric vehicle core technologies and products, leading to increased R&D and labor costs. Additionally, sluggish sales in the first three quarters of 2023, coupled with higher fixed and associated costs, impacted the company's performance.

In efforts to boost sales in the fourth quarter, SERES intensified market promotion in the first half of 2023, coupled with elevated raw material costs during the same period, further impacting the annual performance. However, with the AITO M7 and M9 models hitting the market, the company anticipates an enhanced profitability outlook.

For the full year 2023, SERES Group achieved an annual sales volume of 106,703 vehicles, marking a notable 33.31% year-on-year jump. In December alone, SERES' new energy vehicle sales reached 42,141 units, soaring 153.21% year over year, while total monthly vehicle sales reached 31,490 units, surpassing the 30,000-unit mark for the first time.