Key Highlights
- April electric vehicle shipments exceeded 30,000 units, representing a 50% increase from the previous month
- Shares gained 6.75% at close in Hong Kong trading; touched an intraday peak of 11% higher
- Latest-generation SU7 sedan has secured more than 70,000 confirmed orders following its recent debut
- Cumulative deliveries through April total 109,000 vehicles — representing 20% of the company’s 550,000-unit annual goal
- Financial analysts caution that profitability challenges persist due to customer incentives and production scaling expenses
Xiaomi’s electric vehicle division posted impressive April results, triggering a notable market reaction.
The Chinese tech giant shipped over 30,000 electric cars during the month, marking a 50% increase compared to March figures and representing the strongest monthly expansion recorded this year. Hong Kong-listed shares finished Monday’s session 6.75% higher, after touching an intraday high of HK$31.56—an 11% gain.
The stock recorded HK$5.2 billion in turnover, ranking it among the exchange’s most heavily traded securities for the session.
The April performance was largely fueled by the latest SU7 generation, Xiaomi’s primary sedan offering, which completed its inaugural full delivery month following a late-March introduction.
Founder and CEO Lei Jun revealed via Weibo on Sunday that confirmed reservations for the updated SU7 had surpassed 70,000 vehicles. He indicated that certain trim configurations would be discontinued post-launch to streamline manufacturing operations.
Pricing for the base SU7 begins at 219,900 yuan (approximately $32,200), while Pro and Max editions retail for 249,900 yuan and 303,900 yuan respectively. These prices sit roughly 10,000 yuan below initial presale projections, though approximately 4,000 yuan above the original 2024 model iteration.
Between January and April, Xiaomi delivered a combined 109,000 electric vehicles—an 11% year-over-year increase, yet merely 20% of its ambitious 550,000-vehicle target set for 2026.
Achieving that annual objective would require monthly deliveries to average above 55,000 units through year-end. That represents a significant acceleration from current output levels.
Profit Margin Concerns Persist
While delivery figures impress, Wall Street observers maintain reservations about near-term financial performance.
Citi research analysts, including Kyna Wong, indicated that first-quarter revenue likely declined both sequentially and annually. Their projections estimate approximately 97 billion yuan in Q1 turnover—representing a 17% quarter-over-quarter drop and 13% year-over-year decrease.
The flagship smartphone segment faces headwinds from escalating memory component prices, despite Xiaomi‘s strategic pivot toward premium-tier devices.
Regarding the automotive division, margins are anticipated to remain compressed due to continued customer subsidies and expenses associated with production capacity expansion.
Future Outlook
Production wait times offer insight into consumer demand patterns. The YU7 standard version currently shows 7 to 10 weeks delivery time. The refreshed SU7 base model extends to 8 to 11 weeks, while the Max configuration requires 9 to 12 weeks.
Xiaomi presently maintains 495 retail locations spanning 165 cities nationwide, with two additional showrooms scheduled to open during May.
The YU7 GT variant is slated for introduction in late May, with further model additions planned throughout the second half of 2026.
With 110,000 vehicles delivered through April’s conclusion, Xiaomi faces a challenging path toward fulfilling its full-year delivery commitment.
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