Xiaomi Group announced its Q3 2025 financial results. During the earnings call, Lu Weibing, Partner and President of Xiaomi Group, disclosed that Xiaomi EV is projected to achieve its annual delivery target of 350,000 units this week.
The financial report indicates that Xiaomi EV delivered over 100,000 new vehicles in Q3 alone, bringing the cumulative deliveries for the first three quarters to more than 260,000 units.
Analysis of the delivery pace highlights a significant acceleration. It took 230 days for Xiaomi EV to deliver its first 100,000 units, while the subsequent 200,000 units were delivered in 232 days, effectively doubling the company’s delivery capability.
The surge in production was particularly evident in the third quarter. September saw a record-breaking monthly delivery volume of 40,023 units, a new high for the brand. This momentum continued into October, with deliveries once again exceeding 40,000 units.
In the third quarter of this year, Xiaomi’s innovative business division, which includes smart electric vehicles and AI, achieved quarterly operating profitability for the first time, with quarterly operating revenue reaching 700 million yuan.
A recent report from Citi suggested that, based on the current weekly delivery rate of over 10,000 vehicles, Xiaomi’s full-year shipments could approach 400,000 units.
Recent order trends indicate stabilisation, with delivery times shortening to between 28 and 38 weeks.
As of the end of October 2025, Xiaomi operated 424 stores across 125 cities. The company plans to add 17 new stores and expand into eight new cities in November.
Editor’s comment
Nevertheless, Xiaomi’s stock still fell by approximately 4% today (as of the writing time, 10:00 Beijing time). In June this year, when the Xiaomi YU7 was launched, Xiaomi’s share price reached a historical high of HKD 61.45, making Lei Jun the richest person in China. The current share price of HKD 39 represents a 36% drop compared to that time, meaning Lei Jun is no longer China’s wealthiest person.
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