Xiaomi’s EV business had a strong April, and the market noticed.
The company delivered more than 30,000 electric vehicles last month, a 50% jump from March and its fastest monthly growth so far this year. The stock closed up 6.75% in Hong Kong on Monday, after briefly surging as much as 11% intraday to HK$31.56.
Trading volume hit HK$5.2 billion, putting Xiaomi among the most actively traded stocks on the main board that day.
The April momentum was driven heavily by the new-generation SU7, Xiaomi’s flagship sedan, which entered its first full month of deliveries after launching in late March.
CEO Lei Jun posted on Weibo Sunday that locked orders for the new SU7 had already crossed 70,000 units. He noted some configuration options would be phased out after the launch window to improve production efficiency.
The standard SU7 starts at 219,900 yuan (around $32,200), with Pro and Max variants at 249,900 yuan and 303,900 yuan. That’s about 10,000 yuan below presale estimates, but roughly 4,000 yuan above the first-generation model from 2024.
From January through April, Xiaomi shipped 109,000 EVs in total — an 11% rise year-over-year, but only about 20% of its 550,000-unit delivery target for 2026.
To hit that full-year number, monthly deliveries would need to exceed 55,000 units for the rest of the year. That’s a steep climb from current levels.
Despite the delivery numbers, analysts aren’t fully bullish on the near-term financials.
Citi analysts led by Kyna Wong flagged that first-quarter revenue likely fell both sequentially and year-on-year. They projected around 97 billion yuan in Q1 revenue — down 17% quarter-on-quarter and 13% year-on-year.
The core smartphone business is facing pressure from rising memory costs, even as Xiaomi shifts toward higher-priced models.
On the EV side, profitability is expected to remain tight due to ongoing subsidies and production ramp-up costs.
Lead times give some sense of demand. The YU7 base model sits at 7 to 10 weeks. The new SU7 base model stretches to 8 to 11 weeks, with the Max at 9 to 12 weeks.
Xiaomi currently operates 495 stores across 165 cities and plans to open two more in May.
The YU7 GT model is expected to launch in late May, with additional models planned for the second half of 2026.
As of end of April, Xiaomi has 110,000 deliveries in the books and a long road ahead to meet its annual target.
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