Xiaomi's EV Business Fast-growing Backbone of Brand's Ecosystem
Overview: Xiaomi’s automotive endeavors have garnered immense attention since its foray into the automotive industry in 2021. The brand launched its first BEV, called the SU7, in March 2024, which saw better-than-expected sales in the first full quarter after debut, according to Counterpoint’s EV Market Tracker. Xiaomi's smart vehicles are poised to enhance its smart product ecosystem which is currently centered around smartphones. The success of its automotive business can also bolster the brand’s exposure, elevate its image as a premium player, and eventually drive corporate growth in terms of both revenue and profitability. Table of Contents:
- Xiaomi SU7 – Automobile Newbie Sees Strong Initial Sales
- High Gross Margin in the Auto Industry Supporting Xiaomi’s Next Growth
- Xiaomi’s EV Completes the Brand’s “Humans x Car x Home” Ecosystem
- Towards "Dual Emphasis on Scale and Profitability"
- Challenges Posed by Fierce Competition
Number of Pages: 5 Published Date: September, 2024
Category
Industry
Automotive
Service
Premium
Report Type
Report
Time Period
Other
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Author
Shaochen Wang
Shaochen Wang is a Research Analyst at Counterpoint Research, based in Beijing, China. At Counterpoint, he closely monitors the automotive and intelligent robotics industries, with a particular focus on pivotal technologies—including Autonomous Vehicles, Humanoid Robots, and Artificial Intelligence—that underpin generalized autonomy. He began his career at Lenovo Group in the Corporate Strategy division. Prior to joining Counterpoint Research, his most recent role was as a Consultant at EY China. He holds a MSc in Operations Research & Industrial Engineering from the University of Texas at Austin, and a BSc in Civil & Environmental Engineering from Technion-Israel Institute of Technology.