In the second quarter of 2024, Xiaomi's innovative businesses, including smart EVs, generated total revenue of RMB 6.4 billion ($900 million), with a gross margin of 15.4 percent.

Chinese smartphone giant Xiaomi (HKG: 1810, OTCMKTS: XIACY) has formally announced a higher annual electric vehicle (EV) delivery target, and for the first time announced the financial performance of the business.

Xiaomi expects to meet its target of 100,000 cumulative deliveries of the Xiaomi SU7 series in November ahead of schedule, and the company will challenge its new target of 120,000 full-year 2024 deliveries, the company said in its second quarter financial report released today.

During its first-quarter earnings call on May 23, Xiaomi's management mentioned that Xiaomi EV would deliver at least 100,000 units for the full year 2024 and will challenge the delivery target of 120,000 units.

Xiaomi officially launched the SU7 on March 28, offering three versions -- standard, Pro, and Max -- with starting prices of RMB 215,900, RMB 245,900, and RMB 299,900, respectively.

Deliveries of the standard and Max versions of the SU7 begin in April, and deliveries of the SU7 Pro begin in May.

In the second quarter of 2024, a total of 27,307 units of the Xiaomi SU7 series were delivered, the smartphone giant said today.

“Our Xiaomi EV plant has started double-shift production in June 2024 and conducted production line tuning and maintenance in July 2024, and is continuing to expand its capacity,” the company said.

Xiaomi also announced the quarterly financial performance of its EV business for the first time.

In the second quarter of 2024, Xiaomi's innovative businesses, including smart EVs, generated total revenue of RMB 6.4 billion ($900 million), of which RMB 6.2 billion was generated from EVs and RMB 200 million from other related businesses.

During the quarter, the gross margin of the innovation businesses, including smart EV, was 15.4 percent, Xiaomi said.

As of June 30, 2024, Xiaomi has opened 87 auto sales stores in 30 cities in the Chinese mainland.

For smart driving, Xiaomi has opened urban NOA (Navigate on Autopilot) function in 10 cities in the Chinese mainland on June 6, 2024, it said.

Xiaomi plans to open the urban NOA function nationwide in August 2024, it said.

($1 = RMB 7.1348)

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