Xiaomi’s latest revenue report for its EV division shows impressive growth, with €1.17 billion generated in Q3 2024, marking a 52.1% increase from the previous quarter.
This surge is largely due to the successful launch of the Xiaomi SU7 series, with nearly 40,000 units delivered between July and September. Despite the strong performance, Xiaomi’s EV business is still in its early stages and reported an adjusted net loss of RMB 1.5 billion.
However, with aggressive expansion plans and a growing presence in China, Xiaomi aims to hit 130,000 SU7 deliveries by the end of 2024.
Their EV success can be attributed to leveraging their brand strength, loyal customer base, and focus on high-quality, competitively priced vehicles.
Yet, Xiaomi faces stiff competition from established players like XPeng and Nio, who have a significant foothold in the market. With 127 showrooms across 38 cities and a focus on innovation, Xiaomi’s EV future looks promising, though the competition will be fierce.
