Beijing (ZXZC)- On April 29, Chinese automaker Seres Group Co., Ltd. (Seres Group) released its first quarter (Q1) report for 2024 along with the annual report for 2023, showing prominent results in revenue.

Photo credit: Seres Group

According to the report, Seres Group achieved a quarterly revenue of 26.561 billion yuan in the first three months of this year, marking a staggering 421.76% year-on-year soar. The net profit attributable to the shareholders of the listed company reached 220 million yuan in Q1, with gross profit margin rose to 21.5%.

The remarkable revenue growth of Seres Group was driven by the rapid expansion of its new energy vehicle business.

In Q1 2024, Seres's new energy vehicle sales soared 374.77% from that of a year ago to 94,825 units. Models such as the AITO M7 played a pivotal role in this surge. According to Seres, cumulative fix-order volume for the new AITO M7 surpassed 174,000 units in just seven months since its market launch.

Photo credit: Seres Group

Additionally, the AITO M9, known for its leading technology and luxury, received fix-orders exceeding 70,000 units within three months of its market release. This increase in sales contributed to a net cash flow from operating activities of 1.187 billion yuan in Q1, an increase of 3.355 billion yuan compared to the same period last year.

In 2023, Seres Group reported an annual revenue of 35.842 billion yuan, up 5.09% year-on-year. Revenue generated by new energy vehicle sales reached 28.948 billion yuan, representing a 16.1% year-on-year increase.

In the past year, the company invested 4.438 billion yuan in R&D, which accounted for 12.38% of its operating income. As of the end of 2023, Seres had 4,955 R&D personnel, marking an 18.6% increase compared to the previous year.