Xiaomi Corp reports a 30.5% increase in third-quarter revenue driven by strong demand for its first electric vehicle, the SU7 sedan.
Launched in March, the SU7 features design elements inspired by Porsche and is priced under $30,000, making it $4,000 cheaper than Tesla's Model 3 in China.
The company has raised its sales target to 130,000 units for the year, significantly higher than the initial goal of 76,000. To meet this demand, Xiaomi has doubled production shifts since June and introduced a premium model, the SU7 Ultra, priced above $110,000.
Despite this growth, Xiaomi's auto division reported an adjusted loss of 1.5 billion yuan for the quarter, with a gross profit margin of 17.1%. However, forecasts suggest that by 2025, the company may deliver 400,000 EVs, with electric cars expected to represent 20% of revenue.