The electric car business plays a central role in the forecasts for Xiaomi:
Strong growth: in the third quarter of 2024, Xiaomi delivered 39,790 SU7 series vehicles, with a total of 67,157 deliveries since its launch in March 2024.
Revenue growth: EV segment revenue increased to RMB 9.5 billion in the third quarter of 2024, an increase of 52.1% compared to the previous quarter
Ambitious targets: Xiaomi aims to become one of the top five car manufacturers in the world in the next 15 to 20 years.
Production expansion: Goldman Sachs forecasts that Xiaomi will sell 350,000 electric cars in 2025 and 655,000 in 2026.
Market position: In October 2024, the SU7 took first place in several rankings as the best-selling sedan in mainland China.
Financial contribution: In Q3 2024, the Smart EV segment generated revenue of RMB 9.7 billion with a gross profit margin of 17.1%.
These developments in the electric car business contribute significantly to the positive outlook for Xiaomi and are seen as a key growth driver for the company.
