“After this Mobile World Congress, I will visit several European countries. Our current plan is to officially launch Xiaomi Auto overseas in 2027,” said Xiaomi President Lu Weibing on March 3, the first day of MWC.
Starting in 2025, the overseas expansion of Xiaomi’s large home appliances will also be on the agenda, Lu said.
The previous day, Xiaomi had unveiled its high-end smartphone series Xiaomi 15 Ultra for overseas markets, priced at 1,499 euros. At the MWC booth, Xiaomi also showcased the luxury electric sedan SU7 Ultra, which were just released on February 27, and the Xiaomi SU7 for the first time to overseas audiences, though neither of these two models currently available in overseas markets.
Xiaomi held a launch event to unveil its new flagship smartphone and new car models. The mass production version of the Xiaomi SU7 Ultra was first revealed in late October 2024, priced at 814,900 yuan. The final retail price of the standard version is set at 529,900 yuan, a price cut of 285,000 yuan.
The Xiaomi SU7 officially began deliveries in April 2024. With this single model, Xiaomi delivered more than 135,000 units in 2024, exceeding its original target of 130,000 units. In 2025, Xiaomi plans to challenge annual sales of 300,000 units.
In addition to the SU7 Ultra, Xiaomi Auto will launch its first SUV model, the YU7, in 2025. SUVs have traditionally been popular among Chinese consumers, and the YU7 is expected to attract even greater interest than the SU7. Recently, the YU7 appeared in the Ministry of Industry and Information Technology’s new car catalog. The model will offer two battery capacities of 96.3kWh and 101.7kWh, with an expected official launch in June or July 2025.
According to Xiaomi’s third-quarter 2024 financial report, revenue from its automotive and other innovative businesses reached 9.7 billion yuan, up 52.3% quarter-on-quarter, with automotive business revenue accounting for 9.5 billion yuan. The gross profit margin of automotive and other innovative businesses rose from 15.4% in the second quarter to 17.1% in the third quarter, while the adjusted net loss narrowed from 1.8 billion yuan to 1.5 billion yuan.
At the time, Xiaomi’s president Lu said that thanks to economies of scale, the increase in delivery volumes helped spread the cost of intelligent driving R&D and factory construction, which contributed to the improved gross margin of the automotive business. He expected the gross margin to further improve in the fourth quarter, with room for production capacity to increase. In addition, Lu noted that as early orders with free benefit packages are completed and the higher-priced Ultra model enters mass production in 2025, the gross margin will rise further.