Xiaomi Group Raises 2025 Delivery Target for Xiaomi EV
Beijing (Gasgoo)- Xiaomi Group recently announced its financial results for 2024 and revealed an ambitious goal to increase the annual delivery target for Xiaomi EV to 350,000 units by 2025. This decision comes after the successful milestone delivery of the 200,000th vehicle by the company.
SU7 Ultra; photo credit: Xiaomi EV
The financial report for 2024 showed that Xiaomi Group achieved a total revenue of 365.9 billion yuan, representing a 35% increase compared to the previous year. The adjusted net profit also saw a significant growth of 41.3%, reaching 27.2 billion yuan.
Xiaomi EV, a key business segment for the company, contributed 32.8 billion yuan in revenue in 2024, accounting for less than 10% of the total revenue. Despite this, the gross profit margin for Xiaomi’s smart electric vehicles and other innovation businesses reached 18.5%. However, the segment reported an adjusted net loss of 6.2 billion yuan for the year, with an average loss of 45,300 yuan per vehicle based on the 136,854 units delivered in 2024.
During the earnings call, President Lu Weibing acknowledged the absence of a specific timeline for achieving profitability in Xiaomi EV but emphasized the continuous efforts to enhance financial performance.
There are positive signs for Xiaomi EV’s financial outlook as losses have been narrowing, thanks to economies of scale. The net loss in Q4 was reduced to 700 million yuan, while the gross profit margin increased from 15.4% in Q2 to over 20% in Q4.
Looking ahead, Xiaomi EV is set to launch the YU7 model in the second half of 2025, followed by the introduction of three range-extended SUVs between 2026 and 2027, which are expected to drive future sales growth for the company.
