Xiaomi records Q3 2024 revenue of 9.7 billion yuan in innovative businesses including smart EV

Shanghai (Gasgoo)- On November 18, Xiaomi Group released its financial report for the third quarter (Q3) of 2024, showing a solid performance with revenue reaching 92.5 billion yuan, a year-on-year jump of 30.5%. Adjusted net profit for the quarter stood at 6.3 billion yuan.

Xiaomi's smart electric vehicle (EV) and other innovative businesses generated 9.7 billion yuan in revenue for Q3, with a gross margin of 17.1%, but posted an adjusted net loss of 1.5 billion yuan.

Xiaomi SU7; photo credit: Xiaomi EV

In Q3 this year, Xiaomi's SU7 series recorded deliveries of 39,790 units. As of September 30, 2024, cumulative deliveries of the SU7 series had reached 67,157 units. The upward trend continued into Q4, with October alone seeing new deliveries surpassing 20,000 units.

Benefiting from a steady ramp-up in production capacity, Xiaomi EV celebrated a significant milestone on November 13 with the 100,000th SU7 vehicle rolling off the production line, achieved in just 230 days. Lei Jun, Xiaomi’s founder, chairman, and CEO, announced on November 18 that Xiaomi EV had already surpassed its original annual delivery target of 100,000 SU7 vehicles ahead of schedule, now setting its sights on reaching 130,000 units.

To support its ambitious delivery targets, Xiaomi EV is actively expanding its sales and service network. As of September 30, 2024, the company had established 127 sales outlets across 38 cities on the Chinese Mainland.

Xiaomi EV is also advancing the R&D of its full-stack self-developed technology, enhancing the intelligent experience for users. On October 30, 2024, the company began rolling out its city-level NOA (Navigate on Autopilot) feature for both the Xiaomi SU7 Pro and Xiaomi SU7 models. Building on this, Xiaomi plans to launch a full-scenario end-to-end intelligent driving system, with a pioneer version expected to be available by late December 2024.

A key highlight in October was the unveiling of the Xiaomi SU7 Ultra, the mass-production model of its flagship vehicle. Priced at 814,900 yuan, the pre-sale event saw immediate demand, with 3,680 pre-orders secured within the first 10 minutes. The Xiaomi SU7 Ultra is scheduled for an official release in March 2025.