After releasing outstanding financial results for the previous year, Xiaomi has increased its full-year forecast for EV deliveries by 16 percent due to robust demand.
After increasing production to compete with BYD, Geely Auto, and other manufacturers in the premium end of the EV market, the EV manufacturer raised its target to 350,000 vehicles from 300,000 units for this year.
According to Lei, since Xiaomi began producing EVs last year, the company has delivered 200,000 of them. In its report to the Hong Kong stock exchange, the company stated that it will keep increasing production and guaranteeing delivery in an effort to meet the goal.
Last year, Xiaomi announced higher-than-expected growth in earnings and sales due to robust deliveries of its SU7 model.
Despite a loss in its automobile manufacturing business, net profit increased 41 percent to 27.2 billion yuan ($3.76 billion), exceeding the 13 percent consensus projections among analysts. Sales exceeded the market's prediction of 358 billion yuan by 35 percent, reaching an all-time high of 365.9 billion yuan.
Xiaomi's shares surged 3.3 percent to HK$57.65, valuing the business at HK$1.45 trillion ($186.6 billion), already exceeding analysts' predicted 2025 goal price of HK$54.99.
In February, its market capitalization crossed the HK$1 trillion mark for the first time.
Xiaomi reported that its smartphone segment sales increased 23 percent from the previous year to 333.2 billion yuan, with an adjusted net profit of roughly 33.4 billion yuan. In 2024, sales of smart EVs and other innovative projects totaled 32.8 billion yuan, while the company saw an adjusted financial loss of 6.2 billion yuan.
The Beijing-based company claimed that a strong finish in the last three months of last year, when quarterly sales crossed the 100 billion yuan barrier for the first time and net income increased 69 percent from the previous year to 8.3 billion yuan, helped the yearly result.
Xiaomi continued to hold its position as the world's third-largest manufacturer of smartphones. According to a survey released last month by industry research firm Canalys, it shipped 168.6 million smartphones last year, accounting for a 14 percent market share, behind just Apple and Samsung.
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Later this year, the business intends to introduce the YU7, another SUV type. Xiaomi's president Lu Weibing told Chinese media Jiemian News earlier this month that the company has begun researching consumer requests and the economic prospects in Europe and expects to start selling its EVs in foreign markets in 2027.