ArenaEV.com ArenaEV.com

Facebook

Twitter

Instagram

RSS

Settings
Units
Power
Standard
Consumption
Currency

Log in

Login

I forgot my password
Sign up
ADVERTISEMENTS

Xiaomi's EV business ends Q3 2024 with $1.3 billion in revenue

  • Post your comment
  • Comments (8)

Max McDee, 19 November 2024

Xiaomi

Xiaomi announced a remarkable $1.3 billion in revenue from its EV business in the third quarter of 2024, marking a 52.1% increase from Q2 2024. This surge in revenue is largely attributed to the successful launch and delivery of the Xiaomi SU7 series.

Xiaomi delivered 39,790 SU7 EVs between July and September, bringing the total number of deliveries to 67,157 units since its launch on March 28th. Those numbers are obviously higher now. The SU7 series, which comprises three variants – Standard, Pro, and Max – has quickly gained traction in the Chinese EV market. The average selling price of the SU7 in the third quarter was RMB 238,650 (approximately $32,800). That's a 4.4% increase from the second quarter, and is due to the growing popularity of the higher-end Pro and Max models.

Xiaomi's EV business ends Q3 with $1.3 billion in revenue

Despite the impressive revenue figures, Xiaomi's EV business is still in its early stages and is currently operating at a loss. The company reported an adjusted net loss of RMB 1.5 billion ($206 million). Xiaomi remains optimistic about the future of its EV division. Its founder, chairman, and CEO, Lei Jun, announced an adjusted target of delivering 130,000 SU7 units by the end of 2024.

Xiaomi's EV success can be attributed to several factors. The company has leveraged its strong brand reputation and loyal customer base to gain a foothold in the competitive EV market. With such a big customer base, Xiaomi has simply focused on developing high-quality, technologically advanced EVs at competitive prices. It almost sounds easy.

Xiaomi's EV business ends Q3 with $1.3 billion in revenue

It's not all plain sailing for Xiaomi. The company faces a lot of competition in the EV market from established automakers and other EV startups. Companies like XPeng and Nio have already established a strong presence in the Chinese EV market. XPeng reported RMB 8.11 billion ($1.1 billion) in revenue in the second quarter, while Nio reported RMB 17.45 billion ($2.4 billion). Both companies are expected to release their third-quarter results soon.

Xiaomi has a strong track record of innovation and a deep understanding of consumer technology. With its growing EV portfolio and ambitious sales targets, this is a company to watch. As of September 30th, Xiaomi had 127 showrooms in 38 cities across mainland China and still growing.

Source

This article contains localized units and prices. Change settings.
Your choice
Related articles
  • Xiaomi YU7 Ultra is now testing on the Nurburgring Xiaomi YU7 Ultra is now testing on the Nurburgring
  • Former Lamborghini chief exterior designer joins Xiaomi as head of European Design Former Lamborghini chief exterior designer joins Xiaomi as head of European Design
  • Xiaomi once again surpasses 30,000 electric car deliveries in August Xiaomi once again surpasses 30,000 electric car deliveries in August
  • Xiaomi is testing longer version of the SU7 Xiaomi is testing longer version of the SU7

Reader comments

z
  • zimbabwe
  • Msa
  • 11 Dec 2024

xiaomi are on right track and if they reach their 130,000 target production ( which has already secured sales), then they already profitable. In history of ev cars or even combustion cars, this must be one of the successful cars because if you order ...

  • Reply
?
  • Anonymous
  • 0Cg
  • 20 Nov 2024

WTF are you talking about? You posted It in the wrong thread.

  • Reply
?
  • Anonymous
  • 0Cg
  • 20 Nov 2024

Not sure either, but It's clear VW has problems. EVs are not selling like indented and the cheapest VW brand EV is ID.3 costing 30,990-47,290 euro depending on configuration. That's not really a price for the masses even in EU let alon...

  • Reply
  • Read all comments
  • Post your comment
Total reader comments: 8

  • Home
  • Compare
  • News
  • Terms
  • Reviews
  • About us
  • Tesla
  • Volkswagen
  • Audi
  • Porsche
  • BMW
  • Mercedes
  • Hyundai
  • Kia
  • Genesis
  • Renault
  • Nissan
  • Ford
  • Volvo
  • Polestar
  • Jaguar
  • Toyota
  • Mazda
  • Mini
  • MG
  • Vinfast
  • Lucid
  • Rivian
  • Cadillac
  • Chevrolet
  • GMC
  • Subaru
  • Nio
  • Xpeng
  • BYD
  • [..]

EV finder

ADVERTISEMENTS

Latest models

  • ModelMercedes
    GLC 400 4MATIC
  • ModelBMW
    iX3 50 xDrive
  • ModelTesla
    Model Y Performance
  • ModelMercedes
    CLA Shooting Brake 250+
  • ModelHyundai
    Ioniq 6 N
  • ModelNissan
    Leaf 75kWh

Featured

  • Why solar panels on cars make no sense (at this point) Why solar panels on cars make no sense (at this point)
  • NCM, NCA, LFP, solid-state - EV battery chemistry explained NCM, NCA, LFP, solid-state - EV battery chemistry explained
  • Comparison of NEDC, EPA and WLTP cycles Comparison of NEDC, EPA and WLTP cycles
  • Why do modern vehicles beep so much while driving? Why do modern vehicles beep so much while driving?
  • Analyzing the Mercedes-Benz EQXX revolutionary concept Analyzing the Mercedes-Benz EQXX revolutionary concept
ADVERTISEMENTS

Reviews

  • Tesla Model Y Long Range 2023 review Tesla Model Y Long Range 2023 review
  • Jeep Avenger review Jeep Avenger review
  • Zeekr 001 with 140 kWh Qilin battery real life range test results Zeekr 001 with 140 kWh Qilin battery real life range test results
  • Volkswagen ID. Buzz Pro review Volkswagen ID. Buzz Pro review

Home News Compare About us RSS feed Facebook Twitter Instagram

© 2022-2025 ArenaEV.com Mobile version EV Finder Glossary Privacy Terms of use

From the team behind
GSMArena.com