- Seres' net income for the first three quarters totaled RMB 5.31 billion, representing a 31.56 percent increase compared to the same period last year.Seres sold 340,650 vehicles in the first nine months of this year, a year-on-year decrease of 7.79 percent.
Seres Group (SHA: 601127), one of Huawei's key automotive partners, reported a net income of RMB 2.37 billion ($333 million) in the third quarter, down 1.74 percent year-on-year, according to its financial results released today.
Seres -- owner of the Aito brand co-developed with Huawei -- did not mention the reasons for the decline.
The company's third-quarter revenue came in at RMB 48.13 billion, up 15.75 percent year-on-year.
In the first three quarters, its revenue totaled RMB 110.53 billion, a 3.67 percent increase year-on-year.
Its net income for the first three quarters was RMB 5.31 billion, representing a 31.56 percent year-on-year growth.
Seres attributed the profit growth in the first three quarters primarily to increased gross margins and enhanced profitability.
Seres sold 340,650 vehicles in the first nine months of this year, a 7.79 percent decrease year-on-year.
Of these, new energy vehicle (NEV) sales totaled 304,629 units, down 3.82 percent year-on-year.
($1 = RMB 7.1122)
