Xiaomi reports more than 50% growth in Q3
According to CEO Lei Jun, Xiaomi plans to deliver 130,000 units of its first EV this year. In May, Xiaomi said it wanted to build 100,000 vehicles by the end of the year. However, the manufacturer is well on its way to achieving its target. The 100,000-unit mark is already in reach.
Xiaomi says it delivered 39,790 units of the electric SU7 in the third quarter of this year, bringing the total sales figures from the EV’s launch in March to the end of September to 67,157 units. On top of that, Xiaomi delivered “over 20,000 vehicles” in October, though the figures are not more specific at this point. However, it means that the Chinese company will likely break the 100,000 vehicle delivery mark in November.
There are three variants of the SU7. According to Xiaomi, the share of Xiaomi SU7 Pro and SU7 Max delivered in Q3 increased, which also helped with the bottom line. Overall, the carmaker reported a revenue of 9.5 billion yuan (1.24 billion euros) for its EV business in the period from July to September. That is a 52.1 per cent increase compared to the previous quarter when revenue was 6.2 billion yuan (about 809 million euros).
Moreover, the company reported a net profit of 6.3 billion yuan or 822 million euros (across all businesses) in the previous quarter, which is a 4.4 per cent increase year-on-year. It also reported an adjusted net loss of 1.5 billion yuan (196 million euros) from its EV business and other innovative businesses. The cumulative revenue of these was 9.7 billion yuan in the third quarter (1.27 billion euros).
Just a few days ago, Xiaomi presented a converted SU7, showcasing its new quad-motor system. It has an output of 1,511 kW, the equivalent of over 2,000 hp. The EV has two ‘Super Motor V8s’ units, each delivering up to 425 kW.
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