SERES Reports Impressive Financial Results for Q1-Q3 2024
Chinese automaker SERES recently announced its financial results for the first three quarters of 2024, showcasing significant growth in key metrics. The company recorded a revenue of 106.627 billion yuan, marking an impressive year-on-year surge of 539.24%.
Net profit attributable to shareholders also saw a substantial increase, reaching 4.038 billion yuan in the Jan.-Sept. period, reflecting a 276.02% year-on-year soar. Adjusted net profit stood at 3.763 billion yuan, representing a 224.81% increase from the previous year.
In the third quarter alone, SERES posted a revenue of 41.582 billion yuan, a 636.25% spike year-over-year and an 8.05% increase from the previous quarter. Quarterly net profit soared by 354.09% from the year-ago period to 2.413 billion yuan, marking a 71.77% rise from the previous quarter. Adjusted net profit reached 2.325 billion yuan in the Jun.-Sept. period, up 305.76% year-over-year and 75.75% from the earlier quarter.
Market performance for SERES was also impressive, with new energy vehicle sales totaling 316,713 vehicles from January to September, a 364.23% increase year-on-year. Models like the new AITO M5, new M7 Pro, and M9 five-seat version contributed to this growth. The AITO M9, in particular, garnered over 160,000 confirmed orders within ten months of its market debut.
The financial results reflect SERES’ strong position in the market and its commitment to innovation and growth in the electric vehicle sector. With a focus on new energy vehicles and a diverse product lineup, SERES is poised for continued success in the future.
