Huawei Auto Partner Seres Warns of First-Half Loss as EV Cost Pressures Mount
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The Seres booth at the 2026 Shanghai International Low Carbon Smart Mobility Exhibition in Shanghai on July 3, 2026. Photo: VCG
Seres Group Co. Ltd., Huawei Technologies Co.’s primary automotive partner, expects to swing to a first-half net loss of up to 2.5 billion yuan ($368 million) due to rising raw material costs and rapid product turnover.
Shares of the Shanghai-listed automaker plunged 10% on Monday following the earnings alert. The company forecast a net loss of 2.2 billion to 2.5 billion yuan for the first six months of 2026, a sharp reversal from the 2.47 billion yuan profit it posted a year ago.
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