Xiaomi said it has produced its 500,000th vehicle, marking a rapid expansion in its automotive business less than two years after its first model entered mass production.
The company announced the milestone on Weibo, describing it as “a new starting point” as it works to establish a foothold in China’s highly competitive electric-vehicle market. “We will continue our efforts in the future and thank all owners for their support,” Xiaomi EV wrote in its post.
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Founder and CEO Lei Jun told employees at a ceremony that the company expects to deliver more than 400,000 vehicles in 2025. Xiaomi has moved quickly since officially entering the automotive sector in 2021, delivering 135,000 vehicles in 2024, its first full year on the market. Company delivered 315,376 vehicles from January to October, close to its annual target. Xiaomi management said during its third-quarter earnings call that the firm is on track to complete its 2025 annual delivery target of 350,000 units this week.
Xiaomi’s automotive unit has become the primary contributor to the company’s “innovative businesses,” which posted their first quarterly profit of RMB 700 million in the third quarter. Revenue from these businesses reached RMB 29 billion in the same period, with EVs accounting for RMB 28.3 billion, or nearly 98 percent. Xiaomi delivered a record 108,796 vehicles in the third quarter, up 173 percent year-on-year and 32.6 percent from the previous quarter.
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Xiaomi entered the market with the SU7 electric sedan, launched in March 2024 in three variants priced from RMB 215,900 to RMB 299,900. The company added the high-performance SU7 Ultra in February and expanded its lineup in June with the YU7 SUV, positioned against Tesla’s Model Y. Xiaomi delivered 48,654 vehicles last month, its second consecutive month above 40,000 units and edging close to the 50,000 mark.