Xiaomi’s smart EV division posted CNY 19 billion in Q1 2026 revenue on 80,856 deliveries, while reintroducing the YU7 Standard at CNY 233,500 and confirming a new large SUV for later this year. Lei Jun unveils the YU7 GT at the May 21 launch event in Beijing. Source: 光明网 (Guangming Online)
Xiaomi EV delivery and revenue figures are based on Xiaomi’s Q1 2026 results filing, with EV-business interpretation checked against CnEVPost and Electrive.
Q1 2026 Financial Snapshot
Xiaomi Group reported total revenue of CNY 99.14 billion for Q1 2026, but the EV story sits in its smart vehicle and AI division, which generated CNY 19.9 billion – up 6.9% year-over-year. Of that, CNY 19 billion came from automobile sales alone. The company delivered 80,856 vehicles during the quarter, a 6.6% increase compared to the same period last year. The YU7 series accounted for 71,623 of those deliveries, with the remaining 9,233 being SU7 units. However, profitability deteriorated. The automotive gross margin fell to 20.1%, down 3.1 percentage points year-over-year, while operating losses widened to CNY 3.1 billion from CNY 500 million a year earlier. Chief Financial Officer Lin Shiwei attributed the pressure to rising component costs, particularly memory chips and lithium carbonate.
YU7 Standard Returns to Challenge Model Y
The headline move was the surprise reintroduction of the YU7 Standard edition, priced at CNY 233,500 – roughly CNY 30,000 below the Tesla Model Y Standard. CEO Lei Jun explained that the original decision to cut the Standard variant had put the YU7 at a competitive disadvantage against Tesla, saying: “Removing the standard edition was particularly unfavorable for YU7’s competition with Model Y.” The expanded YU7 lineup now spans five variants: Standard (CNY 233,500), Long Range, Pro, Max, and the GT (from CNY 389,900). Store visits surged after the May 21 launch, with one Beijing dealership reporting 146 visitors in a single day, 63 of whom test-drove the YU7 GT. Citigroup projects combined YU7 and YU7 GT monthly sales could reach approximately 40,000 units if supply keeps pace.
55,000-Unit Target and New Large SUV
Xiaomi maintained its full-year delivery target of 550,000 vehicles. With roughly 110,000 units delivered through April, the company needs to average over 50,000 per month across the remaining three quarters. Lei Jun acknowledged this is “extremely challenging” but insisted the target remains unchanged. Looking ahead, President Lu Weibing confirmed that a new large SUV will launch before year-end, though he clarified it will not be named “YU9.” The new SU7 generation has already accumulated 80,000 pre-orders since its March debut, suggesting Xiaomi’s brand momentum remains strong despite intensifying competition from Li Auto’s L6, AITO M7, and Zeekr models in the CNY 200,000-300,000 segment. –
Sources
- Xiaomi / HKEX, Q1 2026 results announcement
- CnEVPost, Xiaomi’s EV business posts Q1 operating loss despite delivery growth
- Electrive, Xiaomi reports loss in EV business for Q1 2026
