One of China's hottest new EV makers says it lost $9,200 for each $30,000 smart car it delivered

Thu, 08/22/2024 - 02:04

Chinese customers assess the Xiaomi SU7 at a flagship store in Shanghai, China. — Xiaomi's SU7 sold out on the first day of its launch, but the smartphone maker's early losses show it will take time for the new EV player to turn a profit.
Costfoto/NurPhoto via Getty Images

Tech firm and new EV maker Xiaomi revealed just how much cash it's burning to make its cars.
The tech firm's EV branch lost about $252 million from April to June, or $9,200 per car.
Xiaomi has only one car, the Speed Ultra 7, but it holds ambitious plans to expand its range of smart vehicles.

Chinese tech giant Xiaomi, known for making smartphones, turned heads in March when its maiden electric vehicle sold out with almost 90,000 preorders within a day of launch.