Key Highlights
- April electric vehicle shipments exceeded 30,000 units, marking a 50% increase from March
- Hong Kong shares finished 6.75% higher; touched 11% gains during trading session
- Next-generation SU7 model has secured more than 70,000 confirmed orders following its debut
- Cumulative 2026 deliveries stand at 109,000 units — representing 20% of annual 550,000-unit objective
- Financial analysts caution that profit margins may face continued pressure from incentive programs and scaling expenses
Xiaomi’s electric vehicle division delivered impressive results in April, capturing investor attention across Asian markets.
The technology giant shipped over 30,000 electric vehicles during the month, representing a 50% increase compared to March figures and marking the strongest monthly acceleration recorded this year. Hong Kong-listed shares advanced 6.75% on Monday’s close, following an intraday peak of 11% that pushed the stock to HK$31.56.
Daily trading activity reached HK$5.2 billion, positioning Xiaomi among the exchange’s most heavily traded securities.
The April surge came primarily from the latest-generation SU7 sedan, Xiaomi’s premium electric vehicle offering, which completed its first full month of customer deliveries following a late March introduction.
Chief Executive Lei Jun shared via Weibo on Sunday that confirmed orders for the updated SU7 had surpassed 70,000 units. He indicated certain customization choices would be discontinued following the initial launch period to streamline manufacturing operations.
The entry-level SU7 carries a price tag of 219,900 yuan (approximately $32,200), while Pro and Max editions retail at 249,900 yuan and 303,900 yuan respectively. These prices sit roughly 10,000 yuan below initial presale projections, yet remain about 4,000 yuan higher than the original 2024 model.
Between January and April, Xiaomi delivered 109,000 electric vehicles — representing an 11% year-over-year increase, though accounting for merely 20% of its ambitious 550,000-unit delivery goal for 2026.
Reaching that annual target would require monthly shipments exceeding 55,000 units throughout the remaining eight months. This represents a substantial escalation from present delivery volumes.
Financial Outlook Remains Cautious
Despite robust delivery performance, market analysts maintain reservations regarding near-term financial results.
Citi research team members, headed by Kyna Wong, indicated that first-quarter revenue likely declined on both sequential and annual comparisons. Their projections estimate approximately 97 billion yuan in Q1 revenue — reflecting a 17% quarter-on-quarter drop and 13% year-over-year decrease.
The primary smartphone segment faces headwinds from escalating memory component prices, even as Xiaomi transitions toward premium product offerings.
Regarding the electric vehicle operations, profit margins are anticipated to remain constrained due to continuous customer incentive programs and manufacturing scale-up expenditures.
Forward-Looking Indicators
Delivery timelines offer insight into current demand patterns. The YU7 entry model shows lead times of 7 to 10 weeks. The refreshed SU7 base variant extends to 8 to 11 weeks, while the Max configuration requires 9 to 12 weeks.
Xiaomi maintains 495 retail locations spanning 165 cities and has scheduled two additional store openings for May.
The YU7 GT variant is slated for introduction in late May, with several additional models planned for launch during the latter half of 2026.
With 110,000 deliveries recorded through April’s conclusion, Xiaomi faces considerable challenges in achieving its full-year targets.
