Xiaomi has announced record revenue of €1.17 billion from its electric vehicle business for the third quarter of 2024. This is 52.1% more than in the second quarter. The main driver of this growth was the successful launch and delivery of the Xiaomi SU7 series of electric vehicles.
In the third quarter, Xiaomi delivered 39,790 SU7 units, bringing the total number of electric vehicles delivered to 67,157 units since the launch on March 28. Recently, the company reported 100 thousand units delivered 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 SU7 in the third quarter was 238,650 yuan (approximately €29,600), up 4.4% compared to the second quarter. The increase was driven by growing demand for the more expensive Pro and Max models.
Despite the significant revenue, Xiaomi’s electric vehicle business is still unprofitable. The company reported an adjusted net loss of 1.5 billion yuan (€186 million). Nevertheless, Xiaomi founder and CEO Lei Jun expressed optimism about the future: the company has set a goal to deliver 130 thousand SU7 units by the end of 2024.
Xiaomi continues to expand its presence in the Chinese car market. As of September 30, the company had 127 showrooms in 38 cities in mainland China, and the network continues to grow.
Source: arenaev
Spelling error report
The following text will be sent to our editors: