Trending Now - Xiaomi Faces First Revenue Drop in Three Years Amid Losses

WHO:

Bloomberg - Xiaomi Corp. is the company reporting financial results.

WHAT:

Bloomberg - Xiaomi reported Q1 revenue down 11% year-over-year to approximately $14.6 billion.

Bloomberg - The company's net income decreased by 57% to $695 million.

CnEVPost - Xiaomi's electric vehicle (EV) business posted an operating loss of 3.1 billion yuan ($460 million) in the first quarter.

CnEVPost - Xiaomi delivered a total of 80,856 vehicles in the first quarter, a 6.57% increase year-over-year.

CnEVPost - Revenue from Xiaomi's innovative businesses was 19.9 billion yuan in the first quarter, a 6.9% increase year-over-year.

CnEVPost - The EV business generated revenue of 19 billion yuan in the first quarter.

CnEVPost - Xiaomi's gross margin for the innovative business segment was 20.1% in the first quarter, down 3.1 percentage points year-over-year.

CnEVPost - In March, Xiaomi EV delivered 21,440 vehicles, a decrease of 26.69% from the previous year.

CnEVPost - The YU7 SUV accounted for 13,558 deliveries in March, down 32.87% from February.

CnEVPost - The new-generation SU7 electric sedan was launched on March 19 and began deliveries on March 23, contributing 7,882 vehicles in March.

CnEVPost - Total deliveries for April surged to 36,702 vehicles, a 71.18% increase from March.

CnEVPost - The SU7 contributed 26,826 deliveries in April, accounting for over 70% of the sales share.

CnEVPost - Xiaomi has set a full-year vehicle delivery target of 550,000 units for 2026.

CnEVPost - Between January and April, Xiaomi delivered a cumulative total of 117,558 vehicles, up 12.55% year-over-year.

WHERE:

CnEVPost - Xiaomi's operations are based in China, with plans to enter overseas markets, starting with Europe.

WHEN:

CnEVPost - Xiaomi's EV business achieved its first quarterly profit in the third quarter of 2025.

CnEVPost - The company plans to officially enter overseas markets in the second half of 2027.

WHY:

Bloomberg - The revenue decline and profit drop were attributed to sharp increases in memory prices affecting the smartphone business.

CnEVPost - The operating loss in the EV business was attributed to a product transition and the impact of the Spring Festival holiday in China.

HOW:

CnEVPost - The financial report indicated that the innovative business segment's profitability was affected by the retreat of purchase tax subsidies for new energy vehicles and rising costs of core components.

(UPDATED May 26, 2026 13:53 UTC)

Xiaomi Corp. has reported a significant decline in its financial results, with Q1 revenue down 11% year-over-year to approximately $14.6 billion and net income plummeting by 57% to $695 million. The company's electric vehicle division posted an operating loss of 3.1 billion yuan, despite delivering a total of 80,856 vehicles in the first quarter, marking a 6.57% increase from the previous year. Looking ahead, Xiaomi has set an ambitious target to deliver 550,000 vehicles in 2026 and plans to officially enter overseas markets, starting with Europe, in the second half of 2027.