Lates News

On August 20, Lu Weibing, President of Xiaomi Group, posted on Weibo that the revenue from innovative businesses such as smart electric vehicles and AI in the second quarter was 21.3 billion yuan, a year-on-year increase of 234%. The operating loss for the business was 300 million yuan, significantly narrowing. It is expected that the second half of the year will start to turn profitable. However, the cumulative investment in the smart electric vehicles and AI innovation businesses from the first half of 2022 to 2025 will exceed 30 billion yuan, so there will still be significant losses. He also mentioned that Xiaomi's car will not participate in any price wars, and the health of Xiaomi's car business is already at a first-class level in the industry. The goal of Xiaomi's car to go global in 2027 remains unchanged, and we have already conducted preliminary research and preparations for the international expansion of the car business.