Xiaomi’s electric vehicle unit posted sequential revenue growth in the first quarter of 2025, even as China’s auto sector faced a traditionally slow start to the year, the company said in its unaudited earnings report.
The EV business generated RMB 18.1 billion ($2.5 billion) in revenue for the quarter ending March 31, as deliveries of the SU7 electric sedan series reached 75,869 units, up 8.86% from the 69,697 units delivered in the fourth quarter of 2024. Xiaomi said cumulative deliveries of the SU7 series had surpassed 258,000 units since its market debut.
The Beijing-based technology group included its electric vehicle and artificial intelligence (AI) ventures under the umbrella of “innovative businesses” in its financial reporting, renaming the category to “innovative businesses including smart EV and AI” starting this quarter. Total revenue from this segment reached RMB 18.6 billion, which also included RMB 500 million from other operations.
Gross margin from these innovative businesses rose to 23.2% in the first quarter, compared with 20.4% in the previous quarter. The operating loss narrowed to RMB 500 million, down from a loss of RMB 700 million in the fourth quarter of 2024.
Xiaomi launched its first EV, the SU7 sedan, on March 28, 2024, offering three configurations—Standard, Pro, and Max—with prices starting from RMB 215,900 to RMB 299,900. The SU7 Ultra, a performance-focused version with 1,548 Ps of maximum horsepower, was launched on February 27 and priced at RMB 529,900, with deliveries starting in early March.
On May 22, the company unveiled its second EV model, the YU7, which is scheduled to go on sale in July. Xiaomi had established 235 automotive retail stores in 65 cities across China by the end of March.