19th May 2025, Kathmandu
Seres Group, in partnership with Huawei Technologies, has made a strong comeback in 2024. The company reported solid profits after a loss in the previous year. It credits its success to the booming sales of its electric vehicles and progress in acquiring a major production facility.
Seres Group Profit 2024
Impressive Financial Turnaround
Seres announced an estimated profit between 5.5 billion and 6 billion Chinese yuan (about 756 to 825 million USD) for the fiscal year ending December 31, 2024. This is a huge improvement compared to the 2.45 billion yuan (337 million USD) loss recorded the year before. This financial rebound highlights Seres’ effective strategies and growing market demand.
Record Growth in Vehicle Sales
Vehicle sales surged in 2024, reaching 497,000 units, almost doubling the previous year’s figures. The main driver was the New Energy Vehicle (NEV) segment under the Seres Aito brand. NEV sales nearly tripled, hitting 426,900 units. This rise reflects the increasing interest in clean energy transportation among consumers.
Seres’ headquarters in Chongqing reported that this growth was due to their collaboration with Huawei. The two companies have successfully integrated technology into their vehicles, creating smart, attractive models for the market.
Stock Market Movements
Despite the strong sales and profit forecast, Seres shares [SHA: 601127] fell by 5.1%, closing at 131.90 yuan (18.16 USD) on the Shanghai Stock Exchange. The broader market also declined by 0.9% that day. Nevertheless, over the past year, Seres’ stock price has risen nearly 17%, indicating positive long-term investor sentiment.
Approval for Gigafactory Acquisition
Seres gained approval from the Shanghai Stock Exchange to sell shares worth 8.17 billion yuan (1.12 billion USD). The proceeds will fund the acquisition of Langsheng New Energy Technology, which owns a large gigafactory currently leased by Seres.
This factory is critical for Seres’ production capacity. It features more than 3,000 robots working in sync to manufacture vehicles in a fully automated system. This ensures high production quality and efficiency, with 100% automation in key processes.
Strategic Importance of the Gigafactory
Langsheng New Energy Technology is backed by three major government investment bodies in the Chongqing Liangjiang New Area. These include the Chongqing Industry Investment Fund, Liangjiang New Area Development and Investment Group, and Liangjiang New Area Industry Development Group.
The gigafactory’s acquisition will give Seres full control over its production. It will enhance the company’s ability to maintain product quality, increase operational stability, and improve autonomy in manufacturing.
Currently, final approval from China’s Securities Regulatory Commission is still awaited. Once granted, the deal will mark a significant milestone in Seres’ growth journey.
Global Presence and Future Plans
Seres originated in Silicon Valley and now operates in over 70 countries worldwide. It is the first Chinese EV brand to enter the European market successfully. The company runs six advanced production centers and seven research and development hubs in countries including the United States, China, Indonesia, Germany, and Japan.
Seres ranks among the few profitable automakers in China. In the first quarter of 2025 alone, the company earned over 100 million USD in profits.
Looking ahead, Seres plans to launch three new models—M7, M8, and M9—in Nepal by 2026. This move shows the company’s ambition to expand into emerging markets and increase its global footprint.
About Seres Group
Seres focuses on producing innovative electric vehicles with advanced technology. Its collaboration with Huawei strengthens its position by integrating smart systems into its vehicles. Together, they aim to lead in the New Energy Vehicle market with sustainable and connected mobility solutions.
Conclusion
Seres Group’s return to profitability in 2024 marks a significant achievement. Strong sales growth, strategic partnerships, and planned expansion all contribute to its positive outlook. The acquisition of the gigafactory will further boost its production capabilities and operational independence.
As demand for clean energy vehicles grows, Seres is well-positioned to meet market needs. Its global presence and ongoing innovations suggest a promising future for the company in the EV industry.
For more: Seres Group Profit 2024