In the second quarter of 2026, Xiaomi’s division ‘Smart EV, AI and Other New Initiatives’ generated revenue of 24.9 billion yuan (~€3.0 billion euros). This represents a 17.1 per cent increase compared to the same quarter last year and a 25.3 per cent rise compared to the first three months of this year. The EV business alone accounted for 23.9 billion yuan, marking a 15.9 per cent year-on-year increase. Other business areas, including revenue from Xiaomi’s AI model series MiMo, contributed one billion yuan.
As in previous quarters, Xiaomi does not report its EV business separately but combines it with AI and other new initiatives. While vehicle sales, totalling 23.9 out of 24.9 billion yuan, continue to dominate the segment’s revenue, the operating loss and gross margin cannot be directly attributed to the automotive business alone.
Regardless, the division remains unprofitable. The operating loss for the second quarter amounted to 2.6 billion yuan (~€315 million euros), marking the second consecutive quarter of losses. However, Xiaomi reduced the loss compared to the first quarter, when it recorded a deficit of 3.1 billion yuan (~€400 million). Previously, the division had achieved profitability in the third and fourth quarters of 2025, closing its first full year with an operating profit.
