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On August 22, Lei Jun announced Xiaomi’s second quarter financial report and disclosed the quarterly results of its automotive business for the first time.

It is reported that the revenue of innovative businesses such as smart electric vehicles reached 6.4 billion yuan, and a total of 27,307 new cars were delivered in a single quarter.The net loss of this innovative business was as high as 1.8 billion yuan. Based on this calculation, the loss of each Xiaomi Auto vehicle exceeded 60,000 yuan.

In this regard, Lei Jun said:Making cars is hard, but success must be cool! Xiaomi Auto is still in the investment stage, I hope everyone understands.”

At the performance conference, Xiaomi Group President Lu Weibing also explained the reasons for the loss of Xiaomi SU7:

First, the scale of Xiaomi Auto is still small, and the auto industry is a typical industry with economies of scale. Xiaomi is confident that the scale of its auto business can be expanded in the future.

Second, Xiaomi’s first car is a pure electric sedan, which has a relatively high investment cost, and it will take some time to absorb this part of the cost.

According to Lei Jun's plan,Xiaomi Motors will become one of the top five global automakers through 15 to 20 years of hard work., and strive for the comprehensive rise of China's automobile industry.