Huawei's automotive brand, Seres, recently announced its financial results.

Seres 2025 annual report: revenue of 165.05 billion yuan,
Other data: gross profit of 44.3 billion yuan, 28.8%; net profit of 5.96 billion yuan, around 3%.
R&D expenditure: 12.51 billion yuan; over 420,000 units of the Model W delivered.
Sales expenses: 24.19 billion yuan, meaning that for each car sold, more than 50,000 yuan is spent on sales and marketing.
In a previous late report, it was mentioned that Seres needs to pay Huawei an average of 140,000 yuan for each vehicle sold.
Assuming a car costs 400,000 yuan, paying Huawei 140,000 yuan leaves a cost of 260,000 yuan.
After deducting a profit margin of 28% (78,000 yuan) and 50,000 yuan in marketing expenses,
the average manufacturing cost per Model W is 132,000 yuan.
However, 132,000 yuan is not just raw material costs; labor costs may also be around 30,000 yuan, meaning the raw materials for each Model W are likely less than 100,000 yuan.