According to news from Kuaikeji on November 19, Xiaomi has released its third-quarter financial report, showing total revenue approaching 100 billion yuan, marking an outstanding performance.

Xiaomi Group released its third-quarter financial report for 2024: total revenue reached 92.5 billion yuan, a year-on-year increase of 30.5%; net profit was 5.3 billion yuan, compared to 4.9 billion yuan in the same period last year. Adjusted net profit was 6.3 billion yuan, a year-on-year increase of 4.4%.

The total revenue of the innovative business segments such as smart electric vehicles was 9.7 billion yuan. Among them, smart electric vehicle revenue amounted to 9.5 billion yuan. The SU7 series delivered 39,790 new vehicles.

As of September 30, 2024, Xiaomi had delivered 67,157 new Xiaomi SU7 series vehicles. The target of delivering 100,000 new vehicles was achieved ahead of schedule on November 18. Xiaomi aims to deliver 130,000 vehicles in 2024.

Analyzing the financial report reveals that Xiaomi's SU7 delivered 39,790 vehicles in the third quarter with an adjusted net loss of 1.5 billion yuan, equating to a loss of approximately 37,700 yuan per vehicle. In the second quarter, the loss per vehicle was 60,000 yuan, indicating a significant narrowing.

Under the leadership of Lei Jun, Xiaomi Automobile has witnessed rapid development. Since the core of electric vehicle losses lies in shipment volume, as shipments increase, losses will decrease.

Based on the above calculations, Xiaomi Automobile aims to deliver 130,000 vehicles this year and an estimated 70,000 in the first quarter of next year. By then, the gross profit margin in Q1 is expected to reach around 20%, indicating a break-even point or the start of profitability by the first quarter of next year at the latest.

Even more remarkably, Xiaomi is poised to become the second domestically emerging automaker to turn a profit, achieving 100,000 vehicle deliveries seven months faster than Wenjie's 15-month milestone.