AutoBeta(AutoBeta.net)11/19 Report--

On November 18, Xiaomi Group released its third-quarter 2024 results. According to the financial report, Xiaomi Group's total revenue in the third quarter was 92.51 billion yuan, up 30.5% from the same period last year, while its adjusted net profit was 6.3 billion yuan, up 4.4% over the same period. For Xiaomi Group's third-quarter results, Xiaomi founder, chairman and CEO Lei Jun described it as "the strongest performance in history".

It is understood that Xiaomi Group's financial growth is due to the core consumer electronics business and automotive business. According to the financial report, the total revenue of Xiaomi's smart electric vehicle and related innovation business was 9.7 billion yuan in the third quarter, an increase of 52.3% over the same period last year. The gross profit margin of innovative businesses such as Xiaomi electric vehicle was 17.1%, up 11.04% from a month earlier. Among them, thanks to Xiaomi SU7 delivery continues to climb performance, smart electric vehicle sales revenue accounted for 9.5 billion yuan, other related business revenue of 200 million yuan.

Although Xiaomi's smart electric vehicle division has increased in both revenue and delivery, the car business as a whole still lost 1.5 billion yuan. In this regard, there is also a saying on the Internet that "Xiaomi lost 30 million per car", which has attracted everyone's attention. It is worth mentioning that when Xiaomi Group announced its second-quarter results, there were hot topics on the Internet, such as # Xiaomi lost more than 60,000 on a car. Lei Jun responded at that time: "it is hard to build a car, but success must be very cool!" Xiaomi car is still in operation, I hope you will understand. "

In response to the loss of the auto business in the third quarter, Lu Weibing, partner and president of Xiaomi Group, said on a conference call: "Xiaomi Automobile is still in the early stage and the scale is not big enough." build their own factory, self-research core technology, early heavy investment, cost sharing, so there are losses in the early stage. "

In terms of revenue, Xiaomi car accounts for a small proportion of the total revenue of Xiaomi Group, but as a new brand led by Lei Jun and invested heavily by Xiaomi, Xiaomi Automobile is very important to Xiaomi Group. Although Xiaomi Automobile's income is still relatively small and in a state of loss, as a new brand, Xiaomi Automobile's current achievements are quite successful. Data show that Xiaomi SU7 delivered a total of 39800 vehicles in the third quarter of this year.

In March 2021, Xiaomi officially announced its next car construction, with an initial investment of 10 billion yuan. In December 2023, Xiaomi's first production model, Xiaomi SU7, was officially unveiled; in March 2024, Xiaomi SU7 was officially launched, when three new models were launched, with prices of 215900 yuan, 245900 yuan and 299900 yuan respectively. From the cut-off point of time, it only took about three years for Xiaomi to build the car in the bureau to achieve mass production of the first model. Whether it is the speed of building the car or the performance after the launch of the new car, the performance of Xiaomi is remarkable.

At present, only the SU7 model is on sale, and retail data show that by the end of October, Xiaomi SU7 had delivered a total of 90516 vehicles, of which 20726 were delivered in October. In April this year, Lei Jun announced with a high profile that the delivery target of Xiaomi SU7 in 2024 was more than 100000 vehicles. A month later, Lei Jun readjusted the delivery target: 100000 vehicles at the bottom of the year and 120000 vehicles to challenge. Yesterday, Lei Jun, chairman and CEO of Xiaomi Group, said on Weibo that Xiaomi SU7 had achieved its delivery target of 100000 new cars ahead of schedule and would sprint for 130000 for the whole of 2024.

In addition, Lei Jun also said that Xiaomi SU7 Ultra mass production version released a 10-minute small order of more than 3680 cars, the new car will be officially released in March 2025. Xiaomi SU7 Ultra, which is positioned as a high-end electric supercar, went on pre-sale on Oct. 29 with a pre-price of 814900 yuan. In the earnings call, Xiaomi Group partner and President Lu Weibing revealed that Xiaomi SU7 Ultra orders are still growing.

Like most new car-building forces, Xiaomi is currently in a state of loss, but loss is a common phenomenon in the automobile industry. after all, the automobile manufacturing industry belongs to heavy industry, and the cycle of building a car is very long. at the same time, the production process of a car involves many links, including design, research and development, parts production, final assembly, testing, etc., these processes require a lot of money and technology. Therefore, large-scale investment in the early stage is an indispensable link in the automobile manufacturing industry. Earlier, Lei Jun said: "if you want to build a car, you must have a long-term plan, and at the same time, you must go to the top five in the world." our calculation at the time was to burn at least $10 billion. " Generally speaking, although Xiaomi is still facing high bicycle losses, the situation will improve with the gradual rise of Xiaomi SU7 sales.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat