SERES Group boasts 225.81% YoY surge in March auto sales

Beijing (Gasgoo)- On the first day of April, SERES Group announced its latest sales figures, with 27,730 new vehicles sold in March, marking a remarkable hike of 225.81% compared to the same period last year. 

AITO M9; photo credit: AITO

Specifically, SERES Auto sold 24,986 vehicles last month, experiencing a staggering growth of 579.15% year-over-year.

The surge in sales can be attributed primarily to the success of the Huawei-powered AITO series vehicles. The new AITO M7 recorded a monthly delivery volume of 24,598 vehicles in March, surpassing a cumulative delivery of over 120,000 units since its market launch. Meanwhile, the AITO M9 achieved deliveries of 6,243 vehicles in the same month, with production capacity continuing to ramp up.

In the first quarter of this year, SERES achieved a cumulative sales volume of 114,100 vehicles, representing a remarkable year-on-year soar of 172.16%. Among them, SERES Auto contributed 84,100 units, which skyrocketed 620.1% from a year ago, accounting for nearly 80% of the total.

Despite the robust sales performance, SERES still faces challenges in profitability. According to its performance forecast, the company expects a revenue of 35.5 billion yuan to 36.5 billion yuan in 2023, with a net loss attributable to the parent company ranging from 2.1 billion yuan to 2.7 billion yuan.

SERES attributes the anticipated loss primarily to the high R&D investment in core technologies and products for high-end intelligent electric vehicles, as well as the sluggish sales in the first three quarters of 2023, leading to higher fixed and associated costs, which have impacted the current performance.