- Xiaomi‘s innovative business, including EVs, posted a gross margin of 20.4 percent in the fourth quarter, up from 17.1 percent in the third quarter.
- The innovative business reported an adjusted net loss of RMB 700 million in the fourth quarter, halving from RMB 1.5 billion in the third quarter.
Xiaomi’s (HKG: 1810, OTCMKTS: XIACY) smart electric vehicle (EV) business brought in RMB 16.3 billion ($2.25 billion) in revenue in the fourth quarter of 2024, according to the smartphone maker’s earnings report released yesterday.
That’s up 71.58 percent from RMB 9.5 billion in the third quarter, according to CnEVPost’s calculations.
In the fourth quarter, Xiaomi’s innovative business including EVs generated revenue of RMB 16.7 billion, including RMB 300 million from other businesses.
The innovative business including EV posted a gross margin of 20.4 percent in the fourth quarter, up from 17.1 percent in the third quarter.
The business reported an adjusted net loss of RMB 700 million in the fourth quarter, halving from RMB 1.5 billion in the third quarter.
In the fourth quarter, Xiaomi delivered 69,697 SU7 series vehicles, up 3.78 percent from 67,157 in the third quarter.
In 2024, Xiaomi delivered 136,854 SU7 series at an average sales price of RMB 234,479 per vehicle, according to its earnings report.
Xiaomi officially launched the SU7 electric sedan on March 28, 2024, offering three variants — Standard, Pro, and Max — with starting prices of RMB 215,900, RMB 245,900, and RMB 299,900, respectively.
Deliveries of the standard and Max versions of the SU7 began in April 2024, and deliveries of the SU7 Pro began in May 2024.
On February 27, Xiaomi officially launched the SU7 Ultra, the company’s electric sedan with 1,548 Ps of maximum horsepower based on the regular SU7.
The SU7 Ultra starts at RMB 529,900 and deliveries begin on March 2.
In 2024, Xiaomi’s revenue from its innovative business, including EVs, was RMB 32.8 billion, of which RMB 32.1 billion was from EVs and RMB 700 million was from other businesses.
The gross margin of the innovative business in 2024 was 18.5 percent, and the adjusted net loss was RMB 6.2 billion.
Xiaomi will expand its vehicle production capacity and aims to deliver 350,000 vehicles in 2025, the company said in its earnings report.
As of December 31, 2024, Xiaomi had opened 200 vehicle sales stores in 58 Chinese cities.
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Xiaomi SU7 buyers now face even longer delivery wait times than a year ago
