Xiaomi's Auto Business Unlikely to Break Even in Short Term, Management Says -- Market Talk

Dow Jones04-26

0408 GMT - Xiaomi doesn't think its auto business will break even in the near term, with net loss likely at CNY11 billion-CNY12 billion for 2024 and widening next year, Citi analysts say in a note after hosting a Q&A with management. The company expects annual production capacity to remain at 220,000 units in 2025, with efforts continuing on expanding to double-shift production, they say. Citi adds that Xiaomi positions its auto business to compete directly with Tesla but has no immediate plan to engage in the price war. It notes that the company has completed winter testing of its second model, which is expected to be delivered in 2025. Xiaomi shares are 4.1% higher at HK$17.28. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 26, 2024 00:08 ET (04:08 GMT)

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