The world of electric vehicles (EVs) is known not only for the rapid pace of automobiles but also for the rapid pace at which new brands emerge and challenge established giants. In this dynamic market, Xiaomi is undoubtedly the company that is challenging established manufacturers the most. Now, the company has announced that it has produced 500,000 electric vehicles since its launch. Here are the details.

Production Record: Sales Keep the Same Pace

The Chinese tech giant, renowned for its smartphones and smart devices, has officially announced the production of its 500,000th electric vehicle. This is not the achievement of a century-old, sluggish automaker. Xiaomi achieved this massive production number just one year and seven months after its first car rolled off the production line. This incredible pace makes the company one of the fastest global automakers to reach this milestone.

Although Xiaomi officially entered the automotive world in March 2021, it gained real momentum with its first model, the SU7 electric sedan, launched in March 2024. In addition to the SU7, which directly challenges a popular rival, the company also introduced the YU7 in June.

While the production milestone is impressive, it’s only half the story. Deliveries—how many people actually buy these EVs—are even more critical. In Xiaomi’s first year of sales, 2024, 135,000 vehicles were sold. Today, the company has delivered a total of 315,376 electric vehicles between January and October.

Breaking these figures into detail, the company delivered 108,796 vehicles in the third quarter alone, a massive 173.43% jump compared to the same period the previous year. Last month alone, 48,654 units were delivered, demonstrating that demand for Xiaomi EVs remains very strong.

Lei Jun, the company’s founder, chairman, and CEO, stated that Xiaomi EV expects to surpass 400,000 total deliveries by 2025. This represents a significant increase from their previous target of 350,000 units. The 500,000th vehicle off the production line is expected to be delivered within days, proving that the sales pipeline is operating as quickly as the factory line.

While shifting from smartphone production to automobile production was a costly gamble, the risk is beginning to pay off. Xiaomi’s innovative business segment, which largely encompasses its EV division, achieved profitability in a single quarter for the first time. In the third quarter, this new venture generated net revenue of RMB 700 million (approximately €83.99 million). Of the RMB 29 billion in total revenue generated by this business segment, RMB 28.3 billion came from EVs. These figures clearly demonstrate that automobile production is now the largest source of revenue for this innovative division.

Despite this very positive news, Xiaomi’s shares on the Hong Kong Stock Exchange fell 2.22%. Investors are concerned about the stock’s 33% drop in two months due to intense competition in the broader Chinese EV sector and concerns about the company’s other businesses. It appears that even breaking production records and turning a profit isn’t enough to keep everyone happy.

Producing high-quality, high-demand electric vehicles is no longer exclusive to traditional car brands. The company has surpassed the 500,000 production milestone and is poised to deliver over 400,000 vehicles this year, a bold goal that puts them at the heart of the global EV race.