(Yicai Global) July 15 -- Sokon Industry Group, a Chinese carmaker that is partnering with Huawei Technologies on new energy vehicles, expects to have widened its loss by nearly four times in the first half.

The interim loss may have risen by 233 percent or as much as 266 percent to a point between CNY1.6 billion and CNY1.8 billion (from USD236.9 million to USD266 million) due to the manufacturer's increasing investment in research and development, the Chongqing-based firm said in a statement yesterday. Its NEV brand Seres is predicted to have caused the biggest dent of more than CNY1.4 billion.

Still, sales are surging. Sokon expects to have made from CNY12 billion to CNY12.6 billion (from USD1.8 billion to USD1.9 billion) in revenue in the first half, up by 63 percent to 71 percent from a year earlier.

In April 2021, Sokon said it has joined hands with the Shenzhen-based phonemaker on NEV development. The pair has jointly launched three vehicle models. In the first half, Sokon sold 45,600 NEVs, more than tripling from a year ago, according to public data. Sales of Seres models reached 21,600 vehicles, up almost ten times.

Sokon’s stock price [SHA: 601127] dropped 2.2 percent to close at CNY73.94 (USD11). The shares are up 13 percent in the past 12 months.

Editor: Emmi Laine, Xiao Yi