Chinese automaker Seres sees 305% revenue surge in 2024

In 2024, the Chinese automaker Seres reported remarkable financial results, showcasing a massive year-on-year revenue increase of 305.04%, amounting to 145.18 billion yuan, approximately $19.98 billion. Alongside this rise in revenue, Seres recorded a substantial net profit attributable to shareholders of 5.95 billion yuan. The company attributed its outstanding performance to significant sales growth in its New Energy Vehicle (NEV) offerings, which surged by 182.84% totaling 426,885 units sold during the year. One of the notable contributors to this growth was the AITO brand, which Seres co-developed with Huawei. The flagship AITO M9 luxury SUV, in particular, proved to be a game-changer, surpassing 150,000 deliveries in 2024 alone, and standing out as China's monthly sales champion in the premium vehicle segment, priced over 500,000 yuan, for an impressive 11 consecutive months. This success was further bolstered by the AITO New M7 series, which saw deliveries nearing 200,000 units, solidifying its position as a favorite among mass-market consumers. In terms of innovation, Seres increased its research and development investment to 7.05 billion yuan in 2024, marking a 58.9% increase from the previous year. This robust commitment to enhancing their product line and technological capabilities indicates that Seres is not only focused on current sales but also on sustaining future growth in an increasingly competitive automotive market. Overall, the financial results of Seres for 2024 reflect the company's dedication to innovation and strategic partnerships while strengthening its position in the expanding NEV market in China. The notable revenue growth and profit margins illustrate how the company is navigating through challenging industry trends and adapting to consumer needs effectively.