Xiaomi Raises EV Targets After Sales Grow Fastest Since 2021

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Bloomberg News

Tue, Mar 18, 2025, 2:41 AM 1 min read

The Beijing-based company, which delivered its archetypal SU7 sedans successful April 2024, has made advancement successful expanding its EV accumulation capacity, billionaire co-founder Lei Jun said successful a Weibo station connected Tuesday. It aboriginal reported a better-than-projected 49% emergence successful income to 109.01 cardinal yuan ($15.1 billion) for the December quarter.

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At close: March 17 astatine 3:59:52 PM EDT

Xiaomi remains a fledgling subordinate successful car manufacturing and is grappling with constricted capacity, which has stretched hold times for customers. The institution has promised to boost accumulation for quicker transportation arsenic it builds retired the 2nd signifier of its car mill successful Beijing. Lei didn’t disclose further details astir the accumulation capableness connected Tuesday.

The company’s shares person quadrupled implicit the past twelvemonth aft a palmy archetypal foray into EVs, an arena dominated by acold larger competitors Tesla Inc. and BYD Co. Lei antecedently acceptable a people to present 300,000 cars this year, aiming to turn Xiaomi beyond its accepted concern of mobile phones and location connected devices.

That year-long rally means Xiaomi’s banal is much costly than larger Chinese net rivals specified arsenic Alibaba Group Holding Ltd. oregon Tencent Holdings Ltd., and sets a precocious barroom to wide this year.

An upcoming SUV exemplary volition motorboat successful summertime to vie with Tesla’s Model Y, investigating lawsuit appetite. Longer-term, it besides plans to instrumentality its cars overseas successful 2027, President Lu Weibing told media successful March.