On November 18, Xiaomi Group announced its third-quarter performance. The financial report shows total revenue reached 92.5 billion yuan. Adjusted net profit stands at 6.3 billion yuan, maintaining a historic high. Research and development expenses hit 6 billion yuan. As of September 30, 2024, cash reserves totaled 151.6 billion yuan.
Xiaomi’s automotive business achieved unexpected growth this quarter. In the third quarter, Xiaomi’s automotive revenue reached 9.7 billion yuan, with a gross margin of 17.1%. Production and sales increased in the third quarter. The Xiaomi SU7 series delivered 39,790 vehicles, reducing the loss per vehicle. In October, Xiaomi’s factory produced and delivered over 20,000 vehicles in a single month.
On November 18, Xiaomi’s SU7 reached its delivery goal of 100,000 units. Xiaomi Chairman Lei Jun announced that the company aims to deliver 130,000 cars this year. Xiaomi is expanding its car sales network. As of September 30, 2024, it opened 127 car sales stores in 38 cities in mainland China. This expansion will speed up car deliveries. On November 14, Xiaomi officially unveiled its smart chassis research technology. It showcased four core technologies: an active suspension system, a super four-motor system, 48V line control braking, and 48V line control steering. In just one year, Xiaomi released three generations of chassis technology.
Xiaomi’s smart driving system fully integrates with the end-to-end model named HAD. It will launch the pioneer version by the end of December 2024. As of November 14 this year, Xiaomi’s smart driving active rate exceeds 85%. The total driving distance surpasses 80 million kilometers, with NOA accounting for 82.4% of the smart driving distance. On October 30, Xiaomi will begin phased full rollout of the urban navigation assist feature for the SU7 Pro and SU7 Max. Xiaomi’s smart driving has entered a new phase.