Xiaomi has raised its full-year target for electric vehicle (EV) deliveries by 16 per cent on the back of strong demand after reporting solid financial results for last year, underpinning confidence among market bulls who drove its stock to an all-time high this week.
The EV maker on Tuesday lifted its target to 350,000 from 300,000 units for this year, after stepping up production to compete in the luxury end of the EV market in rivalry with BYD, Geely Auto and other makers.
“Xiaomi has been making full efforts to increase its production capacity and has made some progress,” CEO Lei Jun said in a post on Chinese social media platform Weibo on Tuesday, referring to the new EV target. Xiaomi has just produced its “strongest annual report in history”, he added.
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Xiaomi has delivered 200,000 EVs since it started making them last year, Lei added in his post. The company said it would continue to ramp up production and ensure delivery, striving to achieve the target, according to its filing to the Hong Kong stock exchange.
Xiaomi reported stronger-than-expected growth in earnings and sales last year as strong deliveries of its SU7 model helped the world’s third-biggest smartphone maker beat analysts’ forecasts.
Net profit rose 41 per cent to 27.2 billion yuan (US$3.76 billion), beating the 13 per cent consensus forecasts among analysts tracked by Bloomberg, despite a loss in its car-manufacturing venture. Sales jumped 35 per cent to an all-time high of 365.9 billion yuan, which topped the market consensus of 358 billion yuan.
CEO Lei Jun speaks at a Beijing symposium on March 6, 2025. Photo: AFP alt=CEO Lei Jun speaks at a Beijing symposium on March 6, 2025. Photo: AFP>
“As we continue to execute our operating strategy and strengthen our capabilities, all of our business segments have achieved significant growth in 2024,” the company said in a Hong Kong stock exchange filing on Tuesday.
Xiaomi’s shares jumped 3.3 per cent to HK$57.65 on Tuesday, valuing the company at HK$1.45 trillion (US$186.6 billion), already surpassing the 2025 target price of HK$54.99 projected by analysts. Its market capitalisation breached the HK$1 trillion threshold for the first time in February.
Sales from Xiaomi’s smartphone segment rose 23 per cent from a year earlier to 333.2 billion yuan, it said, while adjusted net profit amounted to about 33.4 billion yuan. Sales from smart EVs and other new initiatives reached 32.8 billion yuan in 2024, but suffered an adjusted net loss of 6.2 billion yuan.
