Xiaomi's EV business posts Q1 operating loss despite delivery growth
CnEVPost • • business
Key Points:
- Xiaomi's electric vehicle (EV) business reported an operating loss of 3.1 billion yuan ($460 million) in Q1, primarily due to a product transition and the impact of the Chinese Spring Festival holiday.
- Despite the Q1 loss, Xiaomi's innovative businesses, including EV and AI, achieved their first quarterly profit in Q3 2025 and the first annual operating profit for 2025.
- The company delivered 80,856 vehicles in Q1, a 6.57% year-on-year increase, with EV revenue reaching 19 billion yuan; however, gross margin declined to 20.1% due to reduced subsidies and rising component costs.
- The new-generation SU7 electric sedan, launched in March 2026, significantly boosted sales, contributing 7,882 vehicles in March and 26,826 in April, helping total April deliveries surge 71.18% month-on-month.
- Xiaomi aims to deliver 550,000 vehicles in 2026 and plans to enter overseas markets starting with Europe in the second half of 2027.