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On March 18, Xiaomi Group unveiled its comprehensive financial report for the year 2024. The report revealed that by the close of 2024, the Xiaomi SU7 series of smart electric vehicles had reached a first-year delivery milestone of 136,854 units. Despite achieving a gross margin of 18.5% in this pioneering segment in 2024, the company still incurred an adjusted net loss of RMB 6.2 billion, equating to an average loss of RMB 45,300 per vehicle sold. During the earnings call, Lu Weibing, President of Xiaomi Group, disclosed that the company's automotive venture is still deeply entrenched in a phase of significant investment. While Xiaomi has not established a definitive timeline for profitability, it remains committed to enhancing the profitability of its auto business.
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