Xiaomi's EV business delivers $2.87 billion in revenue in Q2, up 232% year-on-year
The gross margin for Xiaomi's innovative businesses, including EV and AI, was 26.4 percent in the second quarter, higher than 23.2 percent in the first quarter.
- The gross margin for innovative businesses, including EV and AI, was 26.4 percent in the second quarter, higher than 23.2 percent in the first quarter.
- In the second quarter, Xiaomi delivered a record 81,302 vehicles, an increase of 7.16 percent from the first quarter.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) reported further revenue growth in its electric vehicle (EV) business last quarter, driven by record vehicle deliveries.
In the second quarter, Xiaomi's EV business generated RMB 20.6 billion ($2.87 billion) in revenue, according to the smartphone manufacturer's unaudited financial report released today.
This represents a 13.81 percent increase from RMB 18.1 billion in the first quarter and a 232.26 percent increase from RMB 6.2 billion in the same period last year, according to calculations by CnEVPost.
In the second quarter, Xiaomi's innovative businesses, which include EV and AI, generated revenue of RMB 21.3 billion, including RMB 6 billion from other businesses.
The gross margin for the innovative businesses was 26.4 percent in the second quarter, up from 23.2 percent in the first quarter and 15.4 percent in the same period last year.
These innovative businesses reported an operating loss of RMB 300 million in the second quarter, down from RMB 500 million in the first quarter.
In the second quarter, Xiaomi delivered a record 81,302 vehicles, up 197.73 percent year-on-year and 7 up.16 percent quarter-on-quarter.
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, while deliveries of the SU7 Pro began in May 2024.
On February 27, Xiaomi officially launched the SU7 Ultra, an electric sedan based on the standard SU7 with a maximum horsepower of 1,548 PS.
The SU7 Ultra starts at RMB 529,900, with deliveries beginning on March 2.
Xiaomi launched the YU7 on June 26, its first electric SUV and a competitor to the Tesla (NASDAQ: TSLA) Model Y, with deliveries beginning on July 6.
As of June 30, Xiaomi had 335 car sales stores in 92 cities in China.
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