Xiaomi Reports Growth in Electric Vehicle Sales

Xiaomi has successfully entered the electric vehicle (EV) market with its first model, the SU7 sedan, launched in March 2024, and has delivered over 27,000 units in its initial quarter. The company reported a revenue of 6.4 billion yuan ($900 million) from its EV business, achieving a gross profit margin of 15.4%. Despite this success, Xiaomi's EV division incurred a net loss of 1.8 billion yuan, attributed to high development costs and limited market share. The firm has set an ambitious delivery target of 120,000 units for the full year 2024 and is ramping up production to meet demand, with plans to expand its retail network. Xiaomi's overall revenue increased by 32% year-on-year, driven by its smartphone sales and growing EV business. The company is also looking to enter international markets, showcasing its vehicles at high-profile events, despite facing potential tariffs in the EU.