Key Highlights
- April electric vehicle deliveries exceeded 30,000 units, marking a 50% increase from March
- Shares climbed 6.75% at close in Hong Kong trading; peaked at 11% during the session
- Latest SU7 generation has secured more than 70,000 confirmed orders since its market debut
- First four months of 2025 saw 109,000 units delivered — representing 20% of the 550,000 annual goal
- Financial analysts caution that profitability challenges may persist due to subsidies and scaling expenses
Xiaomi’s electric vehicle division posted impressive April results that sent investors rushing to buy shares.
The technology giant shipped over 30,000 EVs during the month, representing a remarkable 50% increase compared to March and marking the company’s strongest monthly expansion this year. Shares finished Monday’s Hong Kong session up 6.75%, after touching an intraday peak of 11% to reach HK$31.56.
Daily trading volume reached HK$5.2 billion, positioning Xiaomi among the exchange’s most heavily traded equities.
The April acceleration was primarily fueled by the latest-generation SU7, Xiaomi’s premium sedan model, which completed its first full delivery month following a late-March market introduction.
Founder and CEO Lei Jun announced via Weibo on Sunday that confirmed orders for the refreshed SU7 had surpassed 70,000 vehicles. He indicated that certain customization choices would be discontinued after the initial launch period to streamline manufacturing operations.
Pricing for the base SU7 begins at 219,900 yuan (approximately $32,200), while the Pro and Max editions retail at 249,900 yuan and 303,900 yuan respectively. These figures sit roughly 10,000 yuan below initial presale projections, though they’re approximately 4,000 yuan higher than the original 2024 generation.
Through the first four months of the year, Xiaomi delivered a combined 109,000 electric vehicles — representing an 11% yearly increase, yet constituting merely 20% of its ambitious 550,000-unit delivery objective for 2026.
Reaching that annual benchmark would require monthly shipments averaging above 55,000 units throughout the remainder of the year. That represents a significant acceleration from present performance.
Financial Outlook Remains Cautious
While delivery figures impressed, market watchers remain reserved about near-term financial performance.
Citi’s research team, headed by Kyna Wong, highlighted expectations that first-quarter revenue likely declined on both a sequential and annual basis. Their projections estimate roughly 97 billion yuan in Q1 revenue — representing a 17% quarterly drop and a 13% year-over-year decline.
The flagship smartphone division faces headwinds from escalating memory component prices, despite Xiaomi‘s strategic pivot toward premium-tier products.
Regarding the electric vehicle segment, profit margins are anticipated to remain compressed due to continuing customer incentives and production scaling investments.
Looking Ahead
Delivery timelines provide insight into consumer demand patterns. The YU7 entry model currently shows 7 to 10 week wait times. The refreshed SU7 base version 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 and intends to inaugurate two additional stores during May.
The YU7 GT variant is scheduled for a late-May release, with further model introductions planned throughout the latter half of 2026.
As April concluded, Xiaomi had completed 110,000 deliveries with substantial ground still to cover in pursuit of its yearly objective.
