Beijing (Gasgoo)- Xiaomi Group on March 18 released its financial report and raised its 2025 annual delivery target for Xiaomi EV to 350,000 units, following the milestone delivery of its 200,000th vehicle.
In its 2024 full-year and fourth-quarter (Q4) financial report, Xiaomi Group reported total revenue of 365.9 billion yuan, marking a 35% year-on-year jump. Adjusted net profit reached 27.2 billion yuan, up 41.3% from a year ago.
Xiaomi EV, the most closely watched business segment, generated 32.8 billion yuan in revenue in 2024, accounting for less than 10% of Xiaomi’s total revenue. Notably, the gross profit margin for Xiaomi's smart electric vehicles and other innovation businesses stood at 18.5%. However, the segment reported an adjusted net loss of 6.2 billion yuan in the past year. Based on Xiaomi EV's 2024 deliveries of 136,854 units, the company incurred an average loss of 45,300 yuan per vehicle.
During Xiaomi's earnings call, President Lu Weibing acknowledged that there is no set profitability timeline for Xiaomi EV but emphasized ongoing efforts to improve financial performance.
Xiaomi EV's financial outlook is improving as losses continue to narrow due to economies of scale. Its Q4 net loss was reduced to 700 million yuan, while its gross profit margin climbed from 15.4% in Q2 to over 20% in Q4.
Looking ahead, Xiaomi EV plans to launch the YU7 model in the second half of 2025, followed by three range-extended SUVs between 2026 and 2027, which are expected to drive future sales growth.
