SERES Reports Impressive Growth in 2024 Annual Report
Chinese automaker SERES recently released its 2024 annual report, showcasing remarkable growth and success in the new energy vehicle (NEV) market. The company reported a total revenue of 145.176 billion yuan, a significant 305.04% increase from the previous year. Additionally, SERES recorded a net profit of 5.946 billion yuan attributable to shareholders.
In 2024, SERES experienced a surge in NEV sales, with a 182.84% year-over-year increase to 426,900 units. The AITO M9, a full-size intelligent flagship SUV, exceeded 150,000 annual deliveries, while the new AITO M7, a mid-to-large luxury smart SUV for families, achieved a total of 200,000 units delivered throughout the year.
The company’s revenue growth was driven by the increase in vehicle sales and brand recognition. Economies of scale and cost optimization further enhanced profitability, with SERES achieving a NEV gross margin of 26.21% in 2024, a significant improvement from the previous year.
SERES also prioritized investment in research and development (R&D), with annual expenditures increasing by 58.9% year-on-year to 7.053 billion yuan. By the end of 2024, the company had 6,201 R&D staff, a 25.15% increase from the previous year. This continued investment enabled SERES to make breakthroughs in key areas such as intelligent connectivity, power systems, functional safety, and software development, strengthening its innovation capabilities across the entire value chain.
The impressive growth and success outlined in SERES’ 2024 annual report solidify the company’s position as a key player in the NEV market. With a focus on innovation and R&D, SERES is well-positioned for continued growth and success in the years to come.
