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Yujie Xue

Xiaomi has raised its full-year target for electric vehicle (EV) deliveries by 16 per cent on the back of strong demand after reporting solid financial results for last year, underpinning confidence among market bulls who drove its stock to an all-time high this week.
The EV maker on Tuesday lifted its target to 350,000 from 300,000 units for this year, after stepping up production to compete in the luxury end of the EV market in rivalry with BYD, Geely Auto and other makers.
“Xiaomi has been making full efforts to increase its production capacity and has made some progress,” CEO Lei Jun said in a post on Chinese social media platform Weibo on Tuesday, referring to the new EV target. Xiaomi has just produced its “strongest annual report in history”, he added.
Xiaomi has delivered 200,000 EVs since it started making them last year, Lei added in his post. The company said it would continue to ramp up production and ensure delivery, striving to achieve the target, according to its filing to the Hong Kong stock exchange.
Xiaomi reported stronger-than-expected growth in earnings and sales last year as strong deliveries of its SU7 model helped the world’s third-biggest smartphone maker beat analysts’ forecasts.
Net profit rose 41 per cent to 27.2 billion yuan (US$3.76 billion), beating the 13 per cent consensus forecasts among analysts tracked by Bloomberg, despite a loss in its car-manufacturing venture. Sales jumped 35 per cent to an all-time high of 365.9 billion yuan, which topped the market consensus of 358 billion yuan.

“As we continue to execute our operating strategy and strengthen our capabilities, all of our business segments have achieved significant growth in 2024,” the company said in a Hong Kong stock exchange filing on Tuesday.
Xiaomi’s shares jumped 3.3 per cent to HK$57.65 on Tuesday, valuing the company at HK$1.45 trillion (US$186.6 billion), already surpassing the 2025 target price of HK$54.99 projected by analysts. Its market capitalisation breached the HK$1 trillion threshold for the first time in February.
Sales from Xiaomi’s smartphone segment rose 23 per cent from a year earlier to 333.2 billion yuan, it said, while adjusted net profit amounted to about 33.4 billion yuan. Sales from smart EVs and other new initiatives reached 32.8 billion yuan in 2024, but suffered an adjusted net loss of 6.2 billion yuan.
The annual performance was aided by a strong outcome in the final three months last year, when quarterly sales surpassed the 100 billion yuan mark for the first time and net income jumped 69 per cent from a year earlier to 8.3 billion yuan, the Beijing-based company said.


Xiaomi would strive to achieve several new goals over the next five years, company president Lu Weibing said during an earnings call on Tuesday.
“The first is moving from premium to ultra-premium products,” he said. “The second goal is to expand from smartphones and vehicles to other categories, creating a complete ecosystem for the future, and the third goal is to move from China to the world.”
Xiaomi’s smartphone business continues to grow while its strategy to expand product offerings to EVs starts to pay off.
Xiaomi retained its ranking as the third-largest smartphone maker globally. It shipped 168.6 million devices last year for a 14 per cent market share, trailing only Apple and Samsung, industry research firm Canalys said in a report last month.
With a 15 per cent annual growth in smartphone shipments, Xiaomi was “the biggest contributor to the industry’s volume growth in 2024”, Canalys said, citing the strong momentum in mainland China and Xiaomi’s continued expansion in emerging markets.

On its EV business, Xiaomi officially announced its entry into China’s luxury-car market last month with the launch of a four-door sedan at 529,900 yuan, nearly a year after the company introduced its first EV in Beijing.
The company plans to launch another SUV model, known as the YU7, later this year. It also plans to sell its EVs in overseas markets from 2027, and has started studying consumer demands and business outlook in Europe, Xiaomi’s president Lu Weibing told Chinese media Jiemian News earlier this month.
Xiaomi planned to invest 30 billion yuan in research and development in 2025, Lei said, bringing its total R&D investment from 2021 to 2025 to 105 billion yuan. Artificial intelligence (AI) and related business will account for a quarter of the total R&D investment, he added.


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Xiaomi CEO Lei Jun sees progress as firm lifts 2025 EV deliveries target by 16%

Xiaomi’s founder and CEO Lei Jun during the launch of the company’s first electric vehicle, the SU7, in Beijing in December 2023. Photo: Reuters

CEO Lei Jun speaks at a Beijing symposium on March 6, 2025. Photo: AFP

Xiaomi unveiled the SU7 Ultra in October 2024 in a move to capture the luxury EV market in mainland China. Photo: Reuters

After finding success with SU7 EV at home, Xiaomi sets its sights on overseas markets

A Xiaomi SU7 Ultra in Beijing. Photo: Reuters 

Test drive: Xiaomi SU7 is a capable EV that is a win for the buyer

It is possible to sync more than 1,000 Xiaomi products with the SU7. And in the case of a Xiaomi phone, drivers can mirror it completely on the car’s screen and use apps. Photo: AFP

Xiaomi CEO Lei Jun and staff with the 100,000th SU7 rolled out from the assembly line. Photo: X/leijun

Xiaomi CEO Lei Jun marks roll-out of 100,000th EV by paying homage to Tesla’s Elon Musk

Xiaomi chief executive Lei Jun’s social media post on Wednesday shows him sleeping on the factory floor, in a nod to Tesla’s Elon Musk. Photo: Weibo

Xiaomi chief executive Lei Jun and staff commemorate the 100,000th SU7 electric sedan rolled out from the assembly line. Photo: X

The SU7 electric sedan, developed by Xiaomi’s auto subsidiary, seen on display at the company’s store in Shanghai. Photo: Shutterstock

Test drive at 140mph: Alibaba’s Taobao puts Xiaomi car buyers behind virtual wheel

The “boost mode” in the test-drive function on Taobao simulates high-speed driving. Photo: Handout

Car buyers considering Xiaomi’s SU7 electric sedan can view colour options and explore interior details through Alibaba’s Taobao app for Apple’s Vision Pro. Photo: Handout

Xiaomi’s successful SU7 launch puts smartphone maker among China’s top 10 EV upstarts

Sales of Xiaomi’s SU7 electric car were brisk in April. Photo: Reuters

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Xiaomi is entering the high-end segment of the EV market and also eyeing overseas sales as it ramps up production


Xiaomi is entering the high-end segment of the EV market and also eyeing overseas sales as it ramps up production.


Xiaomi CEO Lei Jun sees progress as firm lifts 2025 EV deliveries target by 16%

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Xiaomi is entering the high-end segment of the EV market and also eyeing overseas sales as it ramps up production

Xiaomi is entering the high-end segment of the EV market and also eyeing overseas sales as it ramps up production