SERES reports annual revenue of 145.18 billion yuan in 2024

Beijing (Gasgoo)- On March 31, Chinese automaker SERES released its 2024 annual report, recording a total revenue of 145.176 billion yuan, representing a 305.04% year-on-year spike. The company also reported a net profit of 5.946 billion yuan attributable to shareholders.

M7; photo credit: AITO

In 2024, SERES' new energy vehicle (NEV) sales surged 182.84% year over year to 426,900 units. The AITO M9, a full-size intelligent flagship SUV saw annual deliveries exceeding 150,000 units. Meanwhile, the new AITO M7, a mid-to-large luxury smart SUV for families, achieved total deliveries of 200,000 units for the year.

The significant increase in vehicle sales and brand recognition drove SERES' revenue growth, while economies of scale and cost optimization further enhanced profitability. The company's NEV gross margin reached 26.21% in 2024, up 16.29 percentage points from the previous year.

SERES also ramped up its investment in R&D, with annual R&D expenditures zooming up 58.9% year-on-year to 7.053 billion yuan. By the end of 2024, the company had 6,201 R&D staff, up 25.15% from a year ago. This continuous investment enabled SERES to achieve breakthroughs in core areas such as intelligent connectivity, power systems, functional safety, and software development, strengthening its innovation capabilities across the entire value chain.