Xiaomi’s smart electric vehicle (EV) business generated RMB 16.3 billion ($2.25 billion) in revenue in the fourth quarter of 2024, marking a 71.58% increase from the RMB 9.5 billion recorded in the previous quarter, the company reported in its latest earnings release.
The company’s broader innovative business segment, which includes EVs, contributed RMB 16.7 billion in revenue for the quarter, with EV sales accounting for RMB 16.3 billion. The segment’s gross margin improved to 20.4%, up from 17.1% in the third quarter. Xiaomi reported an adjusted net loss of RMB 700 million in Q4, a significant improvement from the RMB 1.5 billion loss in the previous quarter.
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Xiaomi delivered 69,697 SU7 series sedans in the fourth quarter, up 3.78% from the 67,157 units sold in Q3. For the full year, Xiaomi delivered 136,854 SU7 vehicles at an average price of RMB 234,479 per unit.
The company officially launched its SU7 electric sedan on March 28, 2024, with three variants—Standard, Pro, and Max—priced from RMB 215,900 to RMB 299,900. A high-performance version, the SU7 Ultra, was introduced on February 27, 2025, with a starting price of RMB 529,900 and deliveries beginning on March 2.
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For 2024, Xiaomi’s EV revenue reached RMB 32.1 billion, with total revenue from its innovative business segment at RMB 32.8 billion. The segment’s gross margin stood at 18.5%, while its adjusted net loss for the year amounted to RMB 6.2 billion. Looking ahead, Xiaomi plans to scale up production and aims to deliver 350,000 vehicles in 2025, the company said.