Xiaomi Auto Delivers 80,856 EVs in Q1 2026, Generating RMB 19 Billion in Smart EV Revenue

On May 26, 2026, Xiaomi Corporation released its unaudited financial results for the first quarter. The data shows that revenue from Xiaomi’s Smart Electric Vehicles (EVs) and other innovative businesses segment reached RMB 19.9 billion, accounting for 20.0% of the group’s total revenue, making it the company’s second-largest business segment. Of this, smart EV revenue amounted to RMB 19.0 billion, with an average selling price per vehicle of approximately RMB 235,000. In the first quarter, Xiaomi delivered a total of 80,856 new vehicles, an increase of 6.6% year-over-year. Although deliveries of the first-generation SU7 series have ceased and declined, the contribution from YU7 series deliveries drove overall vehicle deliveries to achieve year-over-year growth. As of March 31, Xiaomi Auto had opened 490 sales outlets across 143 cities in mainland China. The gross margin of this innovative business segment was 20.1% in the first quarter, down from 23.2% in the same period last year, primarily due to the impact of vehicle purchase tax subsidies, a lower proportion of high-margin SU7 Ultra deliveries, and rising prices of core components. The segment reported an operating loss of RMB 3.1 billion for the quarter. On the product front, the new-generation SU7 was officially launched in March, and by May 6, initial pre-order commitments exceeded 80,000 units. Since its launch, the YU7 series has cumulatively delivered 232,000 vehicles over 10 months. On May 21, Xiaomi unveiled the YU7 GT, starting at RMB 389,900, while the standard YU7 starts at RMB 233,500. At the group level, adjusted net profit for the first quarter was RMB 6.1 billion, a 43.1% decline year-over-year. R&D expenses reached RMB 9.0 billion, up 33.4% year-over-year, and the total number of R&D personnel reached a record high of 26,048. Year-to-date, Xiaomi has repurchased shares worth approximately HK$8.4 billion, exceeding the total amount repurchased throughout 2025.