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China's Xiaomi founder expects EV business to turn profitable in H2

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China's Xiaomi founder and CEO Lei Jun said on Tuesday that he expected the company's auto business to turn profitable in the second half of the year, according to a company spokesperson. Xiaomi's loss from its smart electric vehicles, AI and other new projects amounted to 0.5 billion yuan ($69.5 million) in the quarter ended March 31, with its EV revenue reaching 18.1 billion over the same period. Xiaomi will start selling its second EV model YU7 in July.
Lei Jun, the founder of Chinese smartphone maker Xiaomi, announced that the company's first electric vehicle (EV), the SU7, is set to begin deliveries in late 2023, with expectations to become one of the top five global automakers within the next 15 to 20 years. Speaking at an event in Beijing, Lei highlighted Xiaomi's ambition to leverage its expertise in smartphones and smart home devices to create a connected ecosystem, positioning the SU7 as a competitor to Tesla's Model 3 and Model Y. He emphasized the company's significant investment of $10 billion over the next decade in the EV sector, underscoring Xiaomi's commitment to innovation and its goal to capture a significant share of the rapidly growing electric vehicle market.

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