Xiaomi YU7 GT. Credit: Dianchetong Understand China EV’s Market Real-time notifications when critical EV data is released All important data in one place 2,000,000+ data points Become a member Xiaomi Group released its financial results for the first quarter of 2026 today. The company’s smart electric vehicle (EV) and AI innovation segment generated 19.9 billion yuan (2.9 billion USD) in revenue and an operating loss of 3.1 billion yuan (457 million USD). It sold a total of 80,856 vehicles in the first quarter, which means it lost 5,600 USD for every car sold. In the first quarter of last year, it lost 900 USD per vehicle sold. Delivery and sales performanceDuring the first quarter, Xiaomi delivered 80,856 new vehicles, marking a 6.6% year-on-year increase compared to the 75,869 units delivered in the same period of 2025. Revenue specifically from smart electric vehicles reached 19.0 billion yuan (2.8 billion USD), with an average selling price (ASP) of approximately 235,000 yuan (34,600 USD) per vehicle. The company noted that it achieved year-on-year growth despite the discontinuation and reduced delivery volume of the first-generation SU7 series, a success largely attributed to the strong market contribution of the new YU7 series. As of May 6, the new-generation SU7, which launched in March, had secured over 80,000 firm orders. Meanwhile, the YU7 series has reached a cumulative delivery milestone of 232,000 units within 10 months of its market debut. Regarding pricing, the recently released YU7 GT (launched May 21) starts at 389,900 yuan (57,300 USD), while the YU7 standard version starts at 233,500 yuan (34,300 USD). To support this growth, Xiaomi expanded its retail footprint to 490 sales stores across 143 cities in mainland China as of March 31. While revenue grew, the automotive segment faced profitability challenges this quarter. The gross margin for the smart EV and AI innovation segment stood at 20.1%, down from 23.2% in the same period last year. The company attributed this decline to vehicle purchase tax subsidies, a lower delivery proportion of the higher-margin SU7 Ultra, and rising costs for core components. Consequently, the segment reported an operating loss of 3.1 billion yuan (457 million USD). Xiaomi sales performance. In the month of April just gone, Xiaomi sold 36,702 cars, up 28.4% year-on-year and 71.2% month-on-month.
