Chongqing - Seres, a new energy vehicle (NEV) manufacturer in Chongqing Liangjiang New Area, released its 2024 annual report on March 31, reporting a significant financial recovery.

The company recorded revenue of 145.18 billion yuan (19.97 billion USD), a 305.04% year-on-year increase, and a net profit of 5.95 billion yuan—its first return to profitability since 2022.

Series incurred net losses of 3.83 billion yuan in 2022 and 2.45 billion yuan in 2023. Strong NEV sales drove its rapid revenue growth and return to profitability within a year. The report shows that Seres sold 426,900 NEVs in 2024, an 182.8% year-on-year increase, while NEV-related revenue rose 368.05% to 135.49 billion yuan.

A major factor behind Seres' strong NEV sales performance is the success of its Aito series, developed in partnership with Huawei. According to the report, the Aito New M7, priced between 269,000 and 309,000 yuan, achieved nearly 200,000 units in annual deliveries in 2024. 

Meanwhile, the Aito M9 surpassed 150,000 cumulative deliveries, maintaining its position as China’s top-selling luxury vehicle in the over 500,000 yuan segment for 11 consecutive months as of February 2025.

The Aito M9 of Seres is driving on snowy terrain. (Photo/Seres)

In 2025 Q1, the Aito lineup continued to expand with the launch of the AITO New M5 Ultra and the AITO M9 2025 edition. Additionally, the flagship family SUV, AITO M8, is set for release in April, with pre-orders exceeding 80000 units as of March 27.

Seres' strong sales performance is supported by its increasing investment in research and development. In 2024, the company’s R&D spending rose 58.9% year-on-year to 7.05 billion yuan. Seres has also established Chongqing Phoenix Technology Co., Ltd., a wholly owned subsidiary dedicated to AI and robotics to further drive technological progress.

At the factory of Seres in Chongqing Liangjiang New Area, cars waited for delivery. (Photo/Wang Jiaxi)

Despite Seres' rapid growth in the domestic market, its international revenue faced challenges. The 2024 annual report shows that the company earned 4.20 billion yuan from overseas markets, a 15.49% decline compared to the previous year.

While overseas sales faced challenges, Seres is actively expanding in the global capital market. Alongside the release of its annual report, the company announced plans to issue offshore-listed foreign shares and pursue a listing on the Main Board of the Hong Kong Stock Exchange (HKEX), one of Asia's largest stock exchanges.

The announcement stated that this initiative aims to support Seres' global expansion, create an international capital platform, and strengthen its overall competitiveness. The company plans to complete the issuance and listing within 24 months of shareholder approval or within an extended period if granted.