Xiaomi Group records 18.1 billion yuan of revenue from smart EV business in Q1 2025

Shanghai (Gasgoo)- On May 27, Xiaomi Group released its financial results for the first quarter (Q1) of 2025, reporting record-breaking revenue and profit. The company generated approximately 111.29 billion yuan in revenue, up 47.4% year-on-year. Adjusted net profit exceeded 10 billion yuan for the first time in a single quarter, reaching 10.7 billion yuan—a 64.5% year-on-year surge.

During the earnings call, Xiaomi Group President Lu Weibing highlighted the strong performance across all business segments, attributing the results to the company's comprehensive "Human x Car x Home" smart ecosystem strategy. Mr. Lu described the quarter as the best in Xiaomi's history.

Notably, revenue from Xiaomi's smart electric vehicles (EVs), artificial intelligence, and other innovation-driven businesses reached 18.6 billion yuan in Q1 2025. Of this, smart EVs contributed 18.1 billion yuan, with the remaining 500 million yuan coming from related ventures. The innovation-driven businesses' gross profit margin rose to 23.2%, significantly higher than the 12.6% recorded in the same period last year. Operating losses narrowed to 500 million yuan.

According to Xiaomi EV's delivery data, the SU7 series recorded 75,869 units delivered in Q1 this year. Monthly deliveries have exceeded 20,000 units for six consecutive months, with cumulative deliveries since launch surpassing 258,000 units. From January to April, Xiaomi EV’s vehicle sales totaled over 100,000 units—nearly 30% of its full-year target of 350,000 units.

On May 22, 2025, Xiaomi EV officially unveiled its first SUV model, the YU7—Chinese name "御7"—positioned as a luxury high-performance SUV. The new vehicle is set to go on sale in July, with pricing to be announced at the market launch.