China’s Xiaomi has increased its full-year electric vehicle (EV) delivery target to 350,000 units, founder Lei Jun announced in a Weibo post on Tuesday.
The company had previously set a target of 300,000 EVs for 2025 earlier this year.
The raised target underscores Xiaomi’s confidence in its growing EV business, which generated 32.1 billion yuan ($4.4 billion) in revenue last year with over 135,000 SU7 sedans delivered. Despite an adjusted net loss of 6.2 billion yuan from its EV and new initiatives, Xiaomi remains committed to expansion and plans to begin overseas car shipments by 2027.
Beyond EVs, Xiaomi reported a 48.8% jump in Q4 revenue to 109 billion yuan, exceeding analyst forecasts. The company’s smartphone shipments rose 5% to 42.7 million units in the quarter, ranking it third globally.
Xiaomi’s Hong Kong-listed shares gained 3.3% before the earnings release and have surged 284% over the past year, fueled by strong investor interest in its EV ambitions.
