SERES boasts 539% YoY surge in Q1-Q3 2024 revenue

Beijing (Gasgoo)- On October 30, Chinese automaker SERES released its financial results for the first three quarters of 2024, showing impressive gains across key metrics. The company recorded a revenue of 106.627 billion yuan, marking a substantial year-on-year surge of 539.24%.

AITO M9; photo credit: AITO

Net profit attributable to shareholders reached 4.038 billion yuan in the Jan.-Sept. period, reflecting a 276.02% year-on-year soar, with an adjusted net profit of 3.763 billion yuan (+224.81% YoY).

For the third quarter alone, SERES posted a revenue of 41.582 billion yuan, representing a 636.25% spike year-over-year and an 8.05% quarter-on-quarter rise. Quarterly net profit shot up 354.09% from the year-ago period to 2.413 billion yuan, marking a 71.77% increase from the previous quarter. Meanwhile, SERES' adjusted net profit hit 2.325 billion yuan in the Jun.-Sept. period, up 305.76% year-over-year and 75.75% from the earlier quarter.

Regarding market performance, SERES' new energy vehicle sales amounted to 316,713 vehicles from January to September, surging 364.23% year on year. Model like the new AITO M5, new M7 Pro, and M9 five-seat version supported this growth. Notably, the AITO M9 has received cumulative confirmed orders of over 160,000 units within ten months on the market.