Xiaomi founder and CEO Lei Jun said on Tuesday he expects the company’s auto business to become profitable in the second half of the year.
Xiaomi reported a loss of 0.5 billion yuan, or $69.5 million, from its smart electric vehicles, AI, and other new projects in the quarter ended March 31. During the same period, its electric vehicle business generated revenue of 18.1 billion yuan.
The company plans to begin selling its second electric vehicle model, the YU7, in July.
