BRIEF: Seres sales growth slows sharply in March

High-end new energy vehicle (NEV) maker Seres Group Co. Ltd. (9927.HK) said on Thursday it sold 27,484 vehicles in March, up 11.7% year-on-year but slowing sharply from the 39.3% growth it recorded in the first two months of the year.

Sales of the company’s NEV models rose 20.7% in March to 22,706, accounting for 83% of its total. But that was partly offset by a 17.7% decline for its non-NEV models, whose sales fell to 4,778 vehicles in March.

Including the March figures, Seres’ sales rose 29.4% year-on-year in the first quarter of 2025 to 88,445 vehicles. Earlier this week, the company reported its revenue rose 13.6% last year to 165 billion yuan ($24 billion), while its profit of 5.96 billion yuan was roughly the same as 2024.

Seres shares fell 3.6% on Thursday after the announcement to close at HK$78.80. The stock is down about 40% from its IPO price of HK$131.50 last November.

By Doug Young

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