Xiaomi admits losing $9.2k on every EV sold

The management of Xiaomi Corporation never hid the fact that its newborn car business was going to run at a loss before becoming profitable – and it has now supplied the corresponding figures.

Apparently, Xiaomi sold 27,307 examples of its first electric vehicle – the SU7 – in the second quarter of the year. It lost a rough equivalent of U.S. $9,200 on every sale. Despite this, the company hopes to reach 100,000 deliveries by November.

As bad as losing money may seem to the uninitiated, it’s actually a fairly normal practice when pursuing long-term gains. And the situation is arguably worse for the other EV makers. For instance, U.S. startup Rivian reported losing $32,000 per unit delivered. At the beginning of the year, Ford lamented losing up to $100,000 per EV sold, but recently managed to reduce the leak to $47,600 per EV.