Xiaomi today revealed it generated revenue of RMB6.4 billion from smart Electric Vehicle (EV) and other related initiatives during the second quarter of 2024.
Xiaomi’s revenue from smart EV business was RMB6.2 billion, while RMB0.2 billion came from other related business.
The gross profit margin of smart EV and other new initiatives segment reached 15.4 percent.
In March 2024, Xiaomi launched its first smart EV, the Xiaomi SU7 Series, which garnered considerable market attention. The deliveries of the Xiaomi SU7 Series reached 27,307 vehicles.
Xiaomi expects to achieve the goal of delivering 100,000 vehicles of the Xiaomi SU7 Series by November 2024, ahead of schedule. Xiaomi has set a new target of delivering 120,000 vehicles of the Xiaomi SU7 Series for the entire year of 2024.
Xiaomi has 87 smart EV sales centers across 30 cities in China.
In July 2024, Xiaomi unveiled the Xiaomi SU7 Ultra prototype. The Xiaomi SU7 Ultra prototype features an all-carbon design. It is powered by dual Xiaomi HyperEngine V8s and a Xiaomi HyperEngine V6s. In October 2024, Xiaomi aim to test the Xiaomi SU7 Ultra prototype at the Nurburgring Nordschleife circuit.
For autonomous driving, Xiaomi rolled out City Navigate on Autopilot (City NOA) across 10 cities in mainland China on June 6, 2024. Xiaomi will target to roll out City NOA nationwide in August 2024.