In Q2, IAMAIOM's electric vehicle sector generated a revenue of $2.87 billion, marking a significant year-on-year increase of 232%
Xiaomi, the renowned tech company, has made headlines with its latest moves, showcasing the first registered SU7 Ultra in Europe and aiming to explore overseas markets from 2027. This announcement comes alongside a strong second quarter performance, as the company's innovative businesses, including EV and AI, generated a total revenue of RMB 21.3 billion.
The second quarter was particularly significant for Xiaomi, as they launched their first electric SUV, the YU7, on June 26. This new vehicle is a direct competitor to the Tesla Model Y, marking a bold step into the electric vehicle market.
Xiaomi's EV business saw a remarkable 232.26% increase in revenue compared to the same period last year. This growth was driven by record vehicle deliveries in the second quarter, with the brand delivering 81,302 vehicles, up 197.73% year-on-year and 7.16% quarter-on-quarter.
The SU7 Ultra, an electric sedan based on the standard SU7, was officially launched on March 28, 2024. The SU7 Ultra starts at RMB 529,900, with deliveries beginning on March 2. The electric sedan offers three variants: 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 began in April 2024, while deliveries of the SU7 Pro began in May 2024.
Xiaomi's innovative businesses, excluding EV and AI, generated RMB 6 billion in revenue in the second quarter. Despite this, the division did not provide specific revenue figures for the second quarter in the provided report. However, the company reported an operating loss of RMB 300 million in the second quarter, down from RMB 500 million in the first quarter.
As of June 30, Xiaomi had 335 car sales stores in 92 cities in China. The brand launched its first electric sport utility vehicle, the SU7 Ultra, in the second quarter of 2024.
Xiaomi's unaudited financial report for the second quarter was released today. The gross margin for its innovative businesses was 26.4% in the second quarter, up from 23.2% in the first quarter and 15.4% in the same period last year.
The company's aim to explore overseas markets from 2027, as indicated by the first registered SU7 Ultra in Europe, is a testament to their continued growth and ambition. With strong performances in both their EV and smartphone divisions, Xiaomi is poised for an exciting future.
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