Xiaomi Group released its 2024 annual financial report yesterday, revealing that the company’s innovative business segment, including smart electric vehicles, generated 16.7 billion RMB ($2.32 billion) in total revenue for Q4 2024. Of this, revenue from smart electric vehicles reached 16.3 billion RMB ($2.26 billion), while other related businesses contributed 300 million RMB ($41.7 million). The overall gross profit margin for the segment stood at 20.4%, indicating that the automotive business achieved a similar margin. Compared to Q3, both revenue and gross profit margin from Xiaomi’s automotive and innovation segment improved, while its adjusted net loss narrowed to 700 million RMB ($97.2 million). In 2024, Xiaomi delivered over 135,000 vehicles, with an average selling price of 234,000 RMB ($32,500) per unit.