On 5/7, Xiaomi President Lu Weibing shared a photo on Weibo of an SU7 Ultra with German license plates, stating that it was Xiaomi's first test vehicle registered in Europe.

Earlier, on 2/7, Xiaomi CEO Lei Jun said in a live video broadcast that Xiaomi would prioritize meeting delivery demands in the domestic market and planned to be ready to enter overseas markets in 2027.

Xiaomi President Lu Weibing with the German-registered SU7 Ultra. Photo: Lu Weibing

Xiaomi President Lu Weibing with the German-registered SU7 Ultra. Photo: Lu Weibing

Xiaomi is facing significant production shortages in its home market, with wait times for the SU7 currently reaching 41 weeks and 58 weeks for a YU7, according to CnEVPost data.

In Quarter II, Xiaomi's electric vehicle business generated CNY 20.6 billion (USD 2.87 billion) in revenue, according to the smartphone maker's unaudited financial report released on 19/8.

The gross margin of innovative business segments, including electric vehicles and AI, reached 26.4% in Quarter II, up from 23.2% in Quarter I and 15.4% in the same period of 2024.

These innovative business segments reported an operating loss of CNY 300 million in Quarter II, down from CNY 500 million in Quarter I.

In Quarter II, Xiaomi delivered 81,302 vehicles. This equates to an average operating loss of approximately CNY 3,700 (USD 507) per vehicle, a significant decrease compared to previous quarters. In Quarter IV 2024, Xiaomi Auto recorded a loss of CNY 700 million (USD 96 million) for 69,697 vehicles delivered, or about CNY 10,043 (USD 1,376) per vehicle. The loss further decreased to CNY 500 million (USD 68 million) in Quarter I 2025, with 75,869 vehicles delivered, equivalent to approximately CNY 6,600 (USD 905) per vehicle.

The average selling price of Xiaomi's smart electric vehicles has also increased substantially, rising 10.9% from CNY 228,644 (USD 31,340) per vehicle in Quarter II 2024 to CNY 253,662 (USD 34,770) in Quarter II of this year, mainly due to the launch of the SU7 Ultra.

Xiaomi SU7 Ultra in China. Photo: Xiaomi

Xiaomi SU7 Ultra in China. Photo: Xiaomi

The Xiaomi SU7 Ultra, launched on 27/2, targets the high-end market with a starting price of CNY 529,900 (USD 72,650) for the standard version, CNY 629,900 (USD 86,390) for the racing package, and CNY 814,900 (USD 111,760) for the Nurburgring limited edition, directly challenging traditional luxury car brands.

Xiaomi's electric vehicle business is expected to achieve monthly or quarterly profitability in the second half of this year, Lu said, adding that the business still has a significant accumulated loss due to investments exceeding CNY 30 billion over the past three years.

My Anh