China's Xiaomi reports $252M loss for electric vehicle division, despite selling out its maiden model.

Xiaomi, a China-based tech giant, has reported a loss of $252 million for its electric vehicle (EV) division in its first full delivery quarter, despite selling out its maiden electric vehicle model, the Speed Ultra 7, with nearly 90,000 pre-orders. The firm delivered 27,307 SU7s in the second quarter, resulting in an average loss of $9,200 for each car. Xiaomi plans to increase the scale of its EV arm to narrow per-car costs and has set its sights on joining Tesla and BYD as major automakers within the next decade or two.

August 21, 2024
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