Seres official website

AsianFin -- After suffering cumulative losses of nearly 10 billion yuan ($1.4 billion) in four consecutive years, Chinese EV maker Seres has staged a dramatic turnaround, with its AITO-branded premium EVs driving the company into profitability for the first time since 2020.

Seres achieved a revenue of 145.176 billion yuan in 2024, marking a staggering 305.04% year-on-year surge and surpassing the 100-billion-yuan threshold for the first time in the company's history, according to its financial reports.

Most notably, Seres recorded a net profit of 5.946 billion yuan in 2024, reversing its 24.5 billion yuan loss from 2023. This milestone makes Seres the fourth globally profitable new energy vehicle (NEV) company, following Tesla, BYD, and Li Auto.

From 2020 to 2023, Seres accumulated losses of approximately 9.835 billion yuan. The company's leap from massive losses to profitability was primarily driven by a surge in sales. In 2024, Seres sold 426,900 NEVs, a remarkable 182.84% year-on-year increase. This growth rate significantly outpaced the global NEV market, which saw an average increase of around 35%. The primary driver of this success was the strong performance of the AITO vehicle series.

Its net profit attributable to shareholders reached 5.946 billion yuan, marking its first profitability since 2020..