Xiaomi increased revenue from electric car sales by 52%

Xiaomi has reported an impressive €1.17 billion in electric vehicle (EV) revenue for the third quarter of 2024, an increase of 52.1% compared to the previous quarter. This growth is driven by the successful launch and delivery of the Xiaomi SU7 series.

Key Figures

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• SU7 delivery volume:
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  • July-September 2024: 39,790 vehicles.
  • Total since launch (March 28, 2024): 67,157 units.
• Average selling price:
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  • 238,650 yuan (€29,600) – up 4.4% thanks to the popularity of the Pro and Max versions.
• Goal for 2024:
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  • Xiaomi plans to ship 130,000 units of SU7 by the end of the year.

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Xiaomi SU7 lineup

• Three versions: Standard, Pro and Max.
• Benefits: high quality, advanced technology and competitive prices, which has attracted the attention of the Chinese EV market.

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Financial Results

• Despite revenue growth, the EV division is still unprofitable.
  • Net loss: 1.5 billion yuan (€186 million).
• Xiaomi remains optimistic, seeing EVs as a key strategic growth area.

Market Competition

Xiaomi competes with players such as XPeng and Nio:

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• XPeng: 8.11 billion yuan (€0.99 billion) revenue in Q2 2024.
• Nio: 17.45 billion yuan (€2.16 billion) in Q2.

Xiaomi’s success strategy

1. Recognized brand: Xiaomi leverages a strong reputation and loyal customer base.
2. Quality and Technology: High-end EVs with competitive prices.
3. Network Expansion:
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   • 127 showrooms in 38 cities in China (as of the end of September 2024).

Closure

Xiaomi is off to an impressive start in the EV space. While the company has yet to turn a profit, its ambition and strategic approach make it a notable player in the market. With the further development of the SU7 lineup and increased production capacity, Xiaomi could become a serious competitor to market leaders such as XPeng and Nio.

The company’s EV lineup has been a great success.