Xiaomi's car business: shipments, revenue and average price up, but still a loss of €186m for the quarter

Xiaomi reported a record revenue of €1.17 billion from its electric vehicle business for the third quarter of 2024, reflecting a 52.1% increase from the second quarter. The primary catalyst for this growth was the successful launch and delivery of the Xiaomi SU7 electric vehicle series.

In the third quarter, Xiaomi delivered 39,790 units of the SU7, bringing the total number of electric vehicles delivered since the launch on March 28 to 67,157 units. Recently, the company announced it had delivered 100,000 units to customers.

The SU7 series includes three models: Standard, Pro, and Max, which have quickly gained popularity in the Chinese electric vehicle market. The average selling price of the SU7 in the third quarter was 238,650 yuan (approximately €29,600), an increase of 4.4% compared to the second quarter. This rise is attributed to growing demand for the higher-end Pro and Max models.

Despite the significant revenue, Xiaomi's electric vehicle business remains unprofitable. The company reported an adjusted net loss of 1.5 billion yuan (€186 million). Nonetheless, Xiaomi's founder and CEO Lei Jun expressed optimism regarding the future, stating the company aims to deliver 130,000 SU7 units by the end of 2024.

Xiaomi is continuing to expand its presence in the Chinese automotive market. As of September 30, the company operated 127 showrooms across 38 cities in mainland China, and the network is still growing.

Source: arenaev