Seres posts positive earnings forcast

SERES Group, the electric car manufacturing partner of Chinese telecoms giant Huawei Technologies, expects to have turned profitable for the first time ever in the first half of the year, thanks to a surge in sales of Aito electric cars, especially the high-end model M9.

Seres likely achieved a net profit of 1.7 billion yuan (US$233.7 million) in the six months ended June 30, compared with a net loss of 3 billion yuan a year earlier, the Chongqing-based automaker said in an earnings forecast Tuesday. Operating revenue is expected to have soared six-fold to 66 billion yuan in the period.

Perfect World losing money

PERFECT World, a Chinese game developer, said it expects to have swung into the red in the first half of this year due to declining income from its gaming business.

Net loss was likely between 160 million yuan (US$22 million) and 200 million yuan in the six months ended June 30, compared with a net profit of 380 million yuan a year earlier, the Beijing-based firm announced Tuesday.

Perfect World’s revenue mainly comes from the gaming, movie, and TV series businesses. Its gaming segment is expected to have generated a net loss of140 million yuan to 180 million yuan in the first half, while the other two likely posted a net profit of around 80 million yuan.

Gigafactory in Spain

ENVISION AESC, an electric vehicle battery maker under Chinese green energy firm Envision Group, has started building its lithium iron phosphate (LFP) battery gigafactory in Spain, investing over 1 billion euros (US$1.1 billion) in its first phase.

The plant broke ground Monday in western Navalmoral de la Mata and is scheduled to become operational in 2026, Envision announced. It will likely create up to 900 jobs.

The plant will focus on manufacturing and developing advanced LFP batteries. It will be the first carbon-neutral gigafactory in Spain as a part of the company’s net zero industrial park.