An Aito new energy vehicle is about to roll off the production line at Seres’ factory in Chongqing. (Photo/Li Yuheng)
Chongqing - Seres, a new energy vehicle (NEV) maker in Chongqing, recently released its financial report of 2026 Q1, reporting revenue of 25.75 billion yuan (3.79 billion U.S. dollars), up 34.5% year-on-year.
The growth is closely linked to strong sales of its new energy vehicles. Data from Seres show that cumulative sales of Seres’ NEVs reached 78,500 units during 2026 Q1, a year-on-year increase of 43.9%.
Meanwhile, Seres’ flagship Aito brand continues to evolve, with multiple new models launching successively. On April 22, the Aito M6 went on sale, priced between 250,000 and 280,000 yuan. Within 15 minutes of launch, the model received over 10,000 pre-orders and has now entered large-scale delivery.
The new-generation Aito M9 has also started pre-sales. The M9 holds a position in China’s 500,000-yuan luxury SUV market and was the best-selling model in this segment in 2025.
The Aito brand, co-developed by Seres and Huawei, targets the high-end NEV market. Since its launch in 2021, the brand has rolled out five SUV series—M5, M6, M7, M8, and M9—and has achieved over one million units off the production line in 46 months.
Brokerage reports noted that the launch of Aito’s new models will drive a new product cycle, potentially improving the company’s core profitability, with strong growth prospects in its high-end segment. At the same time, accelerated global expansion and breakthroughs in robotics innovation support Seres’ long-term growth momentum.
Despite strong revenue growth, Seres faces a “revenue without profit” scenario. Net profit attributable to shareholders rose only slightly by 0.89% to around 750 million yuan. After excluding non-recurring items, net profit fell sharply by 73.87%, reflecting the company’s true operational profitability.
This is not unique to Seres but reflects broader challenges in China’s auto market. Industry leader BYD, for example, saw net profit attributable to shareholders decline 18.97% year-on-year to 32.62 billion yuan in 2025.
BYD’s annual report cited faster turnover between old and new models, intensified market competition, frequent price wars and excessive marketing, all squeezing industry profitability.
Overall, data from the China Passenger Car Association show that the automotive industry’s sales profit margin was 3.2% in 2026 Q1, below the 6% average for downstream industrial enterprises.
With many players in the market, China’s auto industry has entered a stage of stock competition. According to the China Association of Automobile Manufacturers, domestic vehicle sales totaled 4.823 million units in January-March 2026, down 20.3% year-on-year.