Beijing, November 19, 2024
Xiaomi Corp has reported an impressive 92.5 billion yuan ($12.77 billion) in Q3 revenue, driven by the success of its debut EV, the SU7 sedan, despite profitability challenges in its auto division.
Performance Insights
- Revenue Growth: Revised sales targets for 2024 have jumped from 76,000 to 130,000 units due to strong demand.
- Profitability Challenges: The EV division posted a 1.5 billion yuan loss, with a gross margin of 17.1%.
- Future Targets: Analysts project 400,000 units by 2025, with EVs expected to contribute 20% of total revenue.
Leadership Commentary
Lei Jun, CEO of Xiaomi, highlighted that the SU7 sedan represents Xiaomi’s commitment to reshaping the EV market with innovation and affordability.
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