SERES Group Expects Impressive Growth in 2024
Chinese automaker SERES Group has recently announced its 2024 annual performance forecast, predicting a significant increase in revenue compared to the previous year. The company expects to generate between 144.2 billion yuan and 146.7 billion yuan in revenue, representing a remarkable year-on-year surge of 302.32% to 309.30%.
One of the most notable achievements for SERES Group in 2024 is the anticipated net profit of 5.5 billion yuan to 6 billion yuan attributable to shareholders. This marks a significant turnaround for the company after experiencing losses totaling 9.835 billion yuan over the past four years from 2020 to 2023.
The improved performance can be attributed to the enhanced sales volume and product structure that SERES Group achieved in 2024. The company sold approximately 426,900 units of new energy vehicles (NEVs) during the year, a substantial increase of 182.84% compared to the previous year. This surge in sales not only boosted core business revenue but also exceeded the company’s annual operational targets.
SERES Group’s AITO-branded vehicle lineup, powered by Huawei’s technologies, includes popular models such as the M5, M7, and M9. The upcoming AITO M8, which is listed in China’s Ministry of Industry and Information Technology’s 70th catalog of NEVs eligible for tax reductions, is set to be launched in April 2025.
Looking ahead to 2025, SERES Group’s Chairman Zhang Xinghai has set ambitious goals for the company. These goals include establishing dominance in the luxury vehicle segment with the AITO M9 and doubling overseas NEV sales. Mr. Zhang emphasized the company’s commitment to achieving annual NEV sales of one million units within the next three years, aligning all resources and incentives towards this objective.
Overall, SERES Group’s impressive performance in 2024 and ambitious plans for the future demonstrate the company’s commitment to innovation and growth in the competitive automotive market.
