Xiaomi‘s EV unit is expected to “turn profitable” by the second half of this year, CEO Lei Jun stated this Tuesday during the Xiaomi Investor Day.
China’s tech giant also revealed that, as of May 25, the number of users who registered interest in the upcoming YU7 was three times higher than the number who signed up during the SU7’s launch last year.
According to the company, of those interested in the SUV, over 60% are registering for the first time, and more than 40% have never used a Xiaomi product before.
Xiaomi unveiled the second model of its lineup in late May, with the official launch and deliveries expected to start “in July.”
Pricing and pre-order details were not disclosed during the pre-launch event. The model is set to rival Tesla’s refreshed Model Y, Porsche‘s electric Macan and Mercedes-Benz’ EQS.
Xiaomi debuted in the EV segment with the SU7 sedan, which sold over 100,000 units from April to December 2024. The model outperformed Tesla’s Model 3 sales within eight months in the market.
Last week, the company reported its first quarter earnings, disclosing that the revenue from its EV unit reached 18.1 billion yuan ($2.5 billion) — up from 16.3 billion ($2.25 billion) in the final quarter of 2024.
The average selling price (ASP) was 238,301 yuan per unit, equivalent to around $33,100 — up 1.6% from the previous quarter’s ASP of 234,479 yuan ($32,500) per unit.
In May, Xiaomi said it delivered “over 28,000” EVs — the same amount it had delivered in the previous month. The brand, which does not report monthly delivery figures, revealed last week that it delivered a total of 75,869 units in the first quarter.
Lei Jun had lifted the company’s annual delivery target by 50,000 earlier this year — meaning that it aims now to deliver 350,000 electric vehicles in 2025.
By the end of May, Xiaomi had delivered “over” 132,800 vehicles, achieving nearly 38% of the guidance.
President Lu Weibing stated in March that the company, which is currently only present in China, plans to expand into international markets by 2027.
