Seres Group posted a slight year-on-year decline in third-quarter profit despite recording double-digit revenue growth.
The company reported a net income of RMB 2.37 billion ($333 million) for the quarter, down 1.74 percent from a year earlier.
Revenue for the quarter rose 15.75 percent to RMB 48.13 billion, reflecting steady growth in vehicle demand and production scale.
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For the first nine months of 2024, Seres’ revenue reached RMB 110.53 billion, a 3.67 percent year-on-year increase, while net income rose 31.56 percent to RMB 5.31 billion. The company attributed its overall profit growth to improved gross margins and stronger operational efficiency.
Seres, which co-develops the Aito brand with Huawei, sold 340,650 vehicles in the first nine months of the year, down 7.79 percent from the same period last year.
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Sales of new energy vehicles (NEVs) totaled 304,629 units during the period, representing a 3.82 percent year-on-year decline.
