Seres, which produces AITO-branded vehicles in collaboration with Huawei, saw its net profit reach 220 million yuan ($30.34 million) in the first quarter this year.

The Shanghai-listed carmaker released on Monday its financial reports of the first quarter this year and the year 2023.

From January to March this year, the company's operating revenue hit 26.56 billion yuan, up 421.76 percent year-on-year.

Its operating revenue in the year 2023 stood at 35.84 billion yuan, of which 28.95 billion yuan was from its new energy vehicle business.

Seres said its robust financial performance in the first quarter this year was the result of AITO vehicles' growing popularity as well as the company's cost-cutting efforts and technological innovation.

Statistics show that the carmaker sold 94,825 vehicles from January to March, up 374.77 percent from the same period last year.

Of them, 84,065 were AITO-branded vehicles, up 620.1 percent year-on-year. The marque ranked first among NEV startups in China in the first quarter.

Its 2023 financial statement shows that the carmaker spent 4.44 billion yuan in R&D last year, which accounted for 12.38 percent of its operating revenue.

By the end of 2023, its R&D employees totaled 4,955, up 18.6 percent year-on-year.