Xiaomi’s innovative business, which includes electric vehicles (EVs), showed promising growth in the fourth quarter of 2024. According to the company’s recent earnings report, this segment generated RMB 16.3 billion ($2.25 billion) in revenue during this period, marking a significant increase from the third quarter.
In the fourth quarter, the innovative business, encompassing EVs, recorded a gross margin of 20.4 percent, up from 17.1 percent in the previous quarter. Despite this positive development, there was an adjusted net loss of RMB 700 million, which was an improvement from the RMB 1.5 billion loss in the third quarter.
Xiaomi’s SU7 series of electric vehicles saw steady performance, with 69,697 units delivered in the fourth quarter, representing a 3.78 percent increase from the previous quarter. In total, the company delivered 136,854 SU7 series vehicles in 2024, with an average sales price of RMB 234,479 per vehicle.
The introduction of the SU7 electric sedan in March 2024 marked a significant milestone for Xiaomi in the EV market. The company launched three variants of the vehicle, namely Standard, Pro, and Max, with varying prices to cater to different customer segments.
Furthermore, Xiaomi expanded its EV lineup with the introduction of the SU7 Ultra in February 2025, a high-performance electric sedan boasting 1,548 Ps of maximum horsepower. With a starting price of RMB 529,900, the SU7 Ultra is set to attract enthusiasts looking for a premium driving experience.
Looking ahead, Xiaomi aims to enhance its vehicle production capacity and set a target of delivering 350,000 vehicles in 2025. The company has already established 200 vehicle sales stores in 58 Chinese cities as of December 2024, indicating its commitment to expanding its presence in the EV market.
In conclusion, Xiaomi’s innovative business, particularly in the EV sector, shows promising growth prospects and a commitment to delivering cutting-edge electric vehicles to consumers. With a focus on expanding its product lineup and production capacity, Xiaomi is poised to make a significant impact in the electric vehicle industry in the coming years.
