Chinese tech giant Xiaomi reported its first quarter earnings results on Tuesday, revealing 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.
Although the brand does not provide exact monthly figures for its vehicle deliveries, the company said in the quarterly report that sales of its debut model SU7 stood at 75,869 units in the first three months of the year.
The average selling price (ASP) was 238,301 yuan per unit, equivalent to around $33,100. It went up 1.6% from the previous quarter’s ASP of 234,479 yuan ($32,500) per unit.
As of the end of March, the tech giant had opened 235 sales centers across 65 cities in China.
According to data shared on Chinese social media this Tuesday, Xiaomi sold 6,800 EVs between May 19 and 25 — down 5% from the 7,160 units recorded in the previous week.
Since the beginning of the second quarter, the Beijing-based company sold an average of 6,303 units per week, showing fluctuations over the last few months.
In the first week of both April and May, Xiaomi reported its lowest figures of the second quarter.
The brand ranked fourth among the best-selling new energy vehicle (NEV) newcomers last week. Li Auto ranked first with 10,500 units registered. The Huwaei-backed Aito sold 8,800 vehicles while the Stellantis-backed startup Leapmotor listed 7,200 units.
XPeng sold 5,700 EVs— staying below 6,000 weekly units for the second consecutive week.
Premium brand Zeekr sold 3,600 vehicles from May 19 to 25, while its competitor Nio brand registered 3,840 vehicles. Onvo and Firefly, sub-brands from the Nio Group, listed 1,560 and 1,130 units, respectively.
BYD led the market with 53,300 fully electric and hybrid vehicles registered, and Tesla followed with 11,000 EVs — the U.S. brand’s second best sales week in the second quarter.
The U.S. brand’s Model 3 sedan sold 3,600 units last week, while its competitor SU7 sold nearly twice as many.
For about seven weeks since the start of the quarter, registrations of the two models were equally distant week to week. However, figures from May 19 to 25 widened the gap.
Last week, Xiaomi pre-launched its YU7 SUV, with its official launch and deliveries planned to begin in July. The SUV targets Tesla‘s refreshed Model Y, which was China’s best-selling EV in March and remained in the top 3 in April.
The SUV comes in three variants and is powered by CATL batteries. It will be equipped with Xiaomi‘s HyperVision, a smart driving system that can display Smart Route and navigation, among other information.
Pricing and pre-order details were not disclosed during the pre-launch event, which was led by co-founder and CEO Lei Jun.
On Friday, the chief executive published a video on Weibo highlighting the “design language of the Xiaomi Auto family.”
The vehicle sparked industry-wide debate due to its similarities to the Ferrari Purosangue — a model which CEO Lei Jun was spotted driving late last year.
