SERES Group expected to turn loss to profit in 2024

Beijing (Gasgoo)- On January 21, Chinese automaker SERES Group announced its 2024 annual performance forecast, expecting revenue of 144.2 billion yuan to 146.7 billion yuan, which represents a year-on-year soar of 302.32% to 309.30%.

AITO M7; photo credit: AITO

In the reporting period, the company projects a net profit of 5.5 billion yuan to 6 billion yuan attributable to shareholders, marking a turnaround after four consecutive years of losses totaling 9.835 billion yuan from 2020 to 2023.  

The significant performance improvement is attributed to enhanced sales volume and product structure in 2024. SERES Group sold around 426,900 units of new energy vehicles (NEVs) during the past year, indicating a 182.84% year-on-year surge, which drove a substantial increase in core business revenue and exceeded its annual operational targets.  

Currently, SERES' AITO-branded vehicle lineup, which are powered by Huawei's technologies, includes the M5, M7, and M9 models. The upcoming AITO M8, listed in China's Ministry of Industry and Information Technology's 70th catalog of NEVs eligible for vehicle and vessel tax reductions, will reportedly hit the market in April 2025.  

SERES' Chairman Zhang Xinghai has set ambitious goals for 2025, targeting dominance in the luxury vehicle segment with the AITO M9 and doubling overseas NEV sales. Mr. Zhang stated, "All resources and incentives will be aligned toward realizing the company's three-year goal of achieving annual NEV sales of one million units."