- Xiaomi's innovative businesses, which include EV and AI, posted a gross margin of 23.2 percent in the first quarter, up from 20.4 percent in the fourth quarter last year.
- In the first quarter, Xiaomi delivered 75,869 SU7 series vehicles, up 8.86 percent from 69,697 in the fourth quarter.
Xiaomi's (HKG: 1810, OTCMKTS: XIACY) electric vehicle (EV) business saw sequential growth last quarter, even as the industry as a whole entered a slow season early in the year.
In the first quarter of 2025, Xiaomi's EV business brought in RMB 18.1 billion ($2.5 billion) in revenue, according to the phone maker's unaudited earnings report released today.
That's up 11.04 percent from RMB 16.3 billion in the fourth quarter of 2024, according to CnEVPost's calculations.
In the first quarter, Xiaomi's innovative businesses including EV and AI garnered revenue of RMB 18.6 billion, including RMB 500 million from other businesses.
From the first quarter quarter, Xiaomi changed the previous item "innovative businesses including smart EV" to "innovative businesses including smart EV and AI" in its earnings report.
Gross margin for innovative businesses including EV and AI were 23.2 percent in the first quarter, up from 20.4 percent in the fourth quarter last year.
Operating loss from these innovative businesses was RMB 500 million in the first quarter, down from RMB 700 million in the fourth quarter of 2024.
In the first quarter, Xiaomi delivered 75,869 SU7 series vehicles, up 8.86 percent from 69,697 in the fourth quarter.
To date, cumulative deliveries of the SU7 series exceeded over 258,000 units, the company said.
Xiaomi officially launched the SU7 electric sedan on March 28, 2024, offering three variants -- Standard, Pro, and Max -- with starting prices of RMB 215,900, RMB 245,900, and RMB 299,900, respectively.
Deliveries of the standard and Max versions of the SU7 begin in April 2024, and deliveries of the SU7 Pro begin in May 2024.
On February 27, Xiaomi officially launched the SU7 Ultra, the company's electric sedan variant with 1,548 Ps of maximum horsepower based on the regular SU7.
The SU7 Ultra starts at RMB 529,900 and deliveries begin on March 2.
Xiaomi gave the YU7 its debut on May 22, its second model after the SU7 electric sedan, which will go on sale in July.
As of March 31, Xiaomi had 235 car sales stores in 65 Chinese cities.
($1 = RMB 7.1932)
