Xiaomi Loses $5,600 per EV in Q1 as Segment Margin Falls to 20.1%

2 articles · Updated · CarNewsChina.com · May 26

Xiaomi’s smart EV and AI segment posted a 3.1 billion yuan ($457 million) operating loss in Q1 after selling 80,856 vehicles, equal to a loss of about $5,600 per car.
Revenue still reached 19.9 billion yuan, but gross margin slipped to 20.1% from 23.2% a year earlier as tax subsidies, fewer higher-margin SU7 Ultra deliveries and rising core component costs squeezed profitability.
80,856 Q1 deliveries were up 6.6% year on year despite the first-generation SU7 phaseout, with Xiaomi crediting the newer YU7 lineup; EV revenue was 19.0 billion yuan and average selling price was about 235,000 yuan.
36,702 vehicles sold in April—up 28.4% year on year and 71.2% from March—suggest demand improved after quarter-end, helped by more than 80,000 firm orders for the new-generation SU7 as of May 6.
490 sales stores across 143 mainland Chinese cities and 232,000 cumulative YU7 deliveries in 10 months show Xiaomi is still prioritizing scale, even as per-car losses widened sharply from about $900 a year earlier.

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