Seres Group Co.,Ltd

According to data released by the China Passenger Car Association (CPCA) on the 8th, August auto exports rose 77.5% year-on-year to 894,000 units. Although the growth rate slowed from July's 88.2%, BYD and Geely Automobile hit record highs. Meanwhile, domestic sales fell 23.7% to 1.55 million units, marking the 11th consecutive month of decline, with the rate of decline widening from July's 21.1%. Sales of electric vehicles (EVs) and plug-in hybrids (PHVs), which account for 64.7% of domestic sales, decreased by 10.1%, but exports in this segment accelerated with a 154.7% increase. Seres Group saw a sharp 44% drop due to intensifying competition in the domestic premium EV market and delays in overseas expansion. CPCA Secretary-General Cui Dongshu predicts that exports will reach 12 million units this year and increase to 18-20 million units annually by 2030.

Seres Automobile reported sales of 24,000 new energy vehicles (NEVs) in August, a 44% decrease year-on-year, marking the fourth consecutive month of decline. The company's sales continue to slump, likely due to intensifying market competition and weakening demand. Following this result, attention is focused on the impact on the company's future sales strategy and performance.