Xiaomi Q2 2024: Revenue Soars, Car Business Gains Momentum

Xiaomi Reports Record-Breaking Q2 2024 Revenue of RMB88.9 Billion

The tech-giant Xiaomi released its Q2 2024 financial report on August 21st. The report shows a total revenue of RMB88.9 billion, a year-on-year increase of 32%, marking a setting a historical record.

Xiaomi’s Car Business Performance

Xiaomi’s car business drew much attention among media. According to the financial report, as of Q2 2024, the revenue from electric vehicles and other innovative businesses reached 6.4 billion yuan, with a gross margin of 15.4%. In Q2 2024, Xiaomi delivered more than 27,000 units cumulatively, and the monthly delivery volume is accelerating, what’s more, the delivery volume surpassed 10,000 units in June and July.

It was said that, according to the financial report, Xiaomi lose 60,000 yuan per vehicle. Lei Jun, CEO of Xiaomi responded, “Xiaomi’s car business is still in the investment phase, and we hope for everyone’s understanding.”

Xiaomi's President Lu Weibing also told the media that, Xiaomi's car business is in an early stage with a small scale, it takes time to absorb cost.

Xiaomi’s Achievements in H1 2024

1)     The launch of Xiaomi SU7

On the launch of Xiaomi SU7 on March 28, Xiaomi received 20,000 order in 7 minutes, 50,000 orders in 27 minutes, which making a significant record in auto history, a record hard to break.

2)     Sales Networks Establishment

On the construction of sales networks, as of June 30th, Xiaomi opened 87 car sale stores covering 30 cities in China mainland. Xiaomi is targeting 220 retail stores in 59 cities by the end of 2024, added by Lu Weibing.

3)     The Unvail of Xiaomi SU7 Ultra Prototype

In July, Xiaomi unveiled the Xiaomi SU7 Ultra prototype, and announced that it will officially compete at the Nürburgring in October 2024. The car features a full carbon design, dual Xiaomi Super Electric Motors V8s and Xiaomi Super Electric Motor V6s, boosting 1548PS horsepower, and uses the second-generation Kirin battery, which could deliver continuous ultra-high power output. The car is equipped with a track-specific braking system, with a 100-0km/h braking distance of 25 meters.

4)     Continued Investment in Intelligent Driving

Xiaomi spent RMB5.5 billion in R&D, a year-on-year increase of 20.7%. In the car business, Xiaomi focus much on intelligent driving. In June 2024, Xiaomi has launched its Urban Navigation Assist (Urban NOA) feature in 10 cities across mainland China, and continued to enhance the comfort and efficiency of Urban NOA through OTA upgrades.