Xiaomi Car’s Financial Report Shows 6.2 Billion Loss Last Year, 45,000 Loss Per Vehicle

Xiaomi Group released its financial report for the fourth quarter and full year of 2024 on March 18. Xiaomi’s automotive division reported a net loss of 6.2 billion Chinese yuan last year.

According to the financial data, in 2024, Xiaomi Group’s revenue from innovative businesses such as smart electric vehicles reached 32.8 billion yuan, accounting for 9% of the total revenue.

Adjusted figures show that Xiaomi’s automotive sector incurred a net loss of 6.2 billion yuan in 2024.

In terms of sales volume, official data shows that Xiaomi’s SU7 had a cumulative delivery of approximately 136,900 vehicles in 2024, with total order volume exceeding 248,000 vehicles.

Based on Xiaomi’s automotive financial data and sales volume from last year, Chinese media estimated that Xiaomi’s automotive sector incurred a loss of 45,300 yuan for every car sold.

Previously, based on Xiaomi Group’s semi-annual report released in August last year, it was estimated that Xiaomi’s automotive division incurred a per vehicle loss of over 60,000 yuan.

Additionally, a research report released by Citigroup last year projected that for every SU7 vehicle sold in 2024, Xiaomi would incur an average loss of 6,800 yuan, with the entire car-making business expected to incur losses of up to 4.1 billion yuan. This data reflects the financial pressure Xiaomi faces as it enters the automotive market.

Media under the “36Kr” platform, “PowerOn,” disclosed that Xiaomi’s automotive division is prepared for losses exceeding 5 years in the future.