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xiaomi launched its first electric car, the su7, in march this year. the su7 is billed as a high-performance electric sedan, but it has become a hot seller in the chinese domestic market thanks to its high cost-performance ratio. with vehicle production failing to keep up with demand, cumulative sales reached 35,688 units by the end of july. sales this year alone are expected to exceed 100,000 units.

xiaomi achieved sales of 6.4 billion yuan in its electric vehicle business. however, it also suffered a loss of 1.8 billion yuan in the second quarter of 2024. this is the first time in xiaomi's history that it has suffered a loss in the entire supply quarter. the biggest change is of course "electric vehicle sales."

in the second quarter of 2024 alone, xiaomi delivered 27,307 electric vehicles. taking into account the net loss and electric vehicle sales, xiaomi lost $9,200 (about 60,000 yuan) for each electric vehicle sold.

although xiaomi is an it giant, it is still in its early stages of entrepreneurship in terms of its automotive business. therefore, it is not uncommon for electric vehicle startups to suffer such losses in the early stages. rivian, an american electric vehicle startup, lost $1.46 billion in the second quarter of this year. in the second quarter, rivian produced a total of 9,162 vehicles. the loss for each electric vehicle was $32,705.

ironically, the situation of ford, a traditional american automaker, is even worse. ford's electric vehicle division lost $1.1 billion during the same period. sales in the second quarter were 23,957 vehicles, with a loss of $47,600 per vehicle. ford, as an old car brand, is in such a bad situation. xiaomi is in a much better situation than ford!

industry experts believe that in the next three to four years, xiaomi's automotive business will start to sell 300,000 to 400,000 vehicles per year and is expected to reach the break-even point. xiaomi ceo lei jun has no plans to sell its electric vehicles outside of china. in an interview in april this year, ceo lei jun said: "in the next three years, we will focus on the chinese domestic market and then enter the global market."

in addition, xiaomi has been actively increasing the production of su7 by working double shifts at its beijing electric vehicle factory since june. the goal is to exceed 100,000 units in cumulative sales by november and 120,000 units by the end of the year.