Xiaomi Will Swallow EV Losses to Join Tesla in the Big Leagues

Bloomberg08-22

Xiaomi Corp. is willing to grow its nascent electric vehicle arm at the expense of profits for now, as it angles to join Tesla Inc. and BYD Co. among the world’s biggest automakers over the next ...

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BernardLL
08-22
BernardLL
SU7 Ultra is a Tesla killer

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi Will Swallow EV Losses to Join Tesla in the Big Leagues\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-22 13:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-08-22/xiaomi-will-swallow-ev-losses-to-join-tesla-in-the-big-leagues?srnd=phx-technology><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Xiaomi Corp. is willing to grow its nascent electric vehicle arm at the expense of profits for now, as it angles to join Tesla Inc. and BYD Co. among the world’s biggest automakers over the next ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-08-22/xiaomi-will-swallow-ev-losses-to-join-tesla-in-the-big-leagues?srnd=phx-technology\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TSLA","symbol_name":"特斯拉","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2024-08-22/xiaomi-will-swallow-ev-losses-to-join-tesla-in-the-big-leagues?srnd=phx-technology","article_id":"2461135598","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2461135598","pubTimestamp":1724303835,"columns":[],"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"The company, known for making everything from smartphones to rice cookers and luggage, is prioritizing growth of the EV business over margins for now, Chief Financial Officer Alain Lam told Bloomberg Television. 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Right now at this point I only have one SKU, it’s far away from what we call profitability,” he said. “We need to continue to invest in this business.”Xiaomi’s shares rose as much as 8.5% Thursday after it reported its fastest pace of quarterly revenue growth since 2021 — taking its gain since the advent of its EV business in March to ","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TSLA":"特斯拉","01810":"小米集团-W","XIACY":"小米集团ADR"},"translate_title":"小米将吞下电动汽车损失加入特斯拉大联盟","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01810":1,"XIACY":1,"TSLA":0.9},"content_text":"Xiaomi Corp. is willing to grow its nascent electric vehicle arm at the expense of profits for now, as it angles to join Tesla Inc. and BYD Co. among the world’s biggest automakers over the next decade or two.The company, known for making everything from smartphones to rice cookers and luggage, is prioritizing growth of the EV business over margins for now, Chief Financial Officer Alain Lam told Bloomberg Television. The five-month-old business will take some time to stem losses, he said.“We’re more focused on our growth than profitability at this point,” said Lam, a trained engineer and former Credit Suisse banker who orchestrated some of Xiaomi’s biggest bets. The value-for-money philosophy that Xiaomi used to climb into the upper echelons of the global phone business will also apply to its EVs, he added.“We do believe scale will bring profit in the future. Right now at this point I only have one SKU, it’s far away from what we call profitability,” he said. “We need to continue to invest in this business.”Xiaomi’s shares rose as much as 8.5% Thursday after it reported its fastest pace of quarterly revenue growth since 2021 — taking its gain since the advent of its EV business in March to about 25%.The results may fuel investors’ hope that Xiaomi has hit upon a new source of growth. They also serve as an early vindication for billionaire founder Lei Jun, who’s taking his company into uncharted territory after staking out a claim on smartphones and consumer electronics.Lei has pledged to invest $10 billion on carmaking, making a bold bet to replicate the success Xiaomi enjoyed in smartphones. His company launched its first EV into a space already crowded with far bigger players. The billionaire has said the firm aims to become one of the world’s top five carmakers in 15 to 20 years.But that takes a lot of capital. Xiaomi recorded an adjusted net loss relating to smart EVs and other new initiatives of 1.8 billion yuan ($252 million) in the second quarter alone, on just 27,307 vehicles delivered. That means Xiaomi lost roughly 60,000 yuan per car sold (on an adjusted basis), based on Bloomberg calculations.Lei said on his Twitter-like Weibo account that making cars was tough, asking for understanding while Xiaomi soldiers through an “investment phase.”Lam wouldn’t be drawn on Xiaomi’s plans beyond 2024, when it’s targeting the delivery of 120,000 EVs — a target it raised in May from around 100,000. On Wednesday, President Lu Weibing told analysts he expects shipments to continue accelerating in coming months, and losses to gradually diminish.The company is now developing more models in its EV lineup to better compete with industry leaders, with plans to sell a sport utility vehicle similar to Tesla’s Model Y as early as 2025, Bloomberg News has reported. It’s also expanding its capacity, purchasing a site in Beijing recently.What Bloomberg Intelligence SaysIts surprisingly strong EV gross margin last quarter might have more room to run, as delivery continues to ramp up. The company’s 3Q EV sales might sequentially grow by 40% to about 9 billion yuan, we calculate.- Steven Tseng and Sean Chen, analystsWhile Xiaomi is only selling the SU7 in China, it showcased the sedan during the Olympic Games in Paris and set up a pit garage at Germany’s famed Nürburgring race track. Lei said in Paris the company will make the vehicle available globally, without providing a time frame. In a live stream Aug. 17, group president Lu said that Xiaomi is studying how to take its cars to Europe, according to Chinese media, despite the European Commission working on import tariffs on made-in-China EVs.“We do have the global expansion in mind, although right now we are trying to fulfill all the demand from customers in China,” Lam said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":341178797465816,"gmtCreate":1724305521147,"gmtModify":1724305524834,"author":{"id":"3567412323589940","authorId":"3567412323589940","name":"BernardLL","avatar":"https://community-static.tradeup.com/news/3eb1ecb8182a3c31f7f8d7a53d00163b","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":7,"crmLevelSwitch":1,"idStr":"3567412323589940","authorIdStr":"3567412323589940"},"htmlText":"SU7 Ultra is a Tesla killer","listText":"SU7 Ultra is a Tesla killer","text":"SU7 Ultra is a Tesla killer","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341178797465816","repostId":2461135598,"repostType":2,"repost":{"id":"2461135598","kind":"highlight","pubTimestamp":1724303835,"share":"https://ttm.financial/m/news/2461135598?lang=&edition=fundamental","pubTime":"2024-08-22 13:17","market":"us","language":"en","title":"Xiaomi Will Swallow EV Losses to Join Tesla in the Big Leagues","url":"https://stock-news.laohu8.com/highlight/detail?id=2461135598","media":"Bloomberg","summary":"The company, known for making everything from smartphones to rice cookers and luggage, is prioritizing growth of the EV business over margins for now, Chief Financial Officer Alain Lam told Bloomberg Television. The five-month-old business will take some time to stem losses, he said.“We’re more focused on our growth than profitability at this point,” said Lam, a trained engineer and former Credit Suisse banker who orchestrated some of Xiaomi’s biggest bets. The value-for-money philosophy that Xiaomi used to climb into the upper echelons of the global phone business will also apply to its EVs, he added.“We do believe scale will bring profit in the future. Right now at this point I only have one SKU, it’s far away from what we call profitability,” he said. “We need to continue to invest in this business.”Xiaomi’s shares rose as much as 8.5% Thursday after it reported its fastest pace of quarterly revenue growth since 2021 — taking its gain since the advent of its EV business in March to ","content":"<html><head></head><body><p>Xiaomi Corp. is willing to grow its nascent electric vehicle arm at the expense of profits for now, as it angles to join Tesla Inc. and BYD Co. among the world’s biggest automakers over the next decade or two.</p><p>The company, known for making everything from smartphones to rice cookers and luggage, is prioritizing growth of the EV business over margins for now, Chief Financial Officer Alain Lam told Bloomberg Television. The five-month-old business will take some time to stem losses, he said.</p><p>“We’re more focused on our growth than profitability at this point,” said Lam, a trained engineer and former Credit Suisse banker who orchestrated some of Xiaomi’s biggest bets. The value-for-money philosophy that Xiaomi used to climb into the upper echelons of the global phone business will also apply to its EVs, he added.</p><p>“We do believe scale will bring profit in the future. Right now at this point I only have one SKU, it’s far away from what we call profitability,” he said. “We need to continue to invest in this business.”</p><p>Xiaomi’s shares rose as much as 8.5% Thursday after it reported its fastest pace of quarterly revenue growth since 2021 — taking its gain since the advent of its EV business in March to about 25%.</p><p>The results may fuel investors’ hope that Xiaomi has hit upon a new source of growth. They also serve as an early vindication for billionaire founder Lei Jun, who’s taking his company into uncharted territory after staking out a claim on smartphones and consumer electronics.</p><p>Lei has pledged to invest $10 billion on carmaking, making a bold bet to replicate the success Xiaomi enjoyed in smartphones. His company launched its first EV into a space already crowded with far bigger players. The billionaire has said the firm aims to become one of the world’s top five carmakers in 15 to 20 years.</p><p>But that takes a lot of capital. Xiaomi recorded an adjusted net loss relating to smart EVs and other new initiatives of 1.8 billion yuan ($252 million) in the second quarter alone, on just 27,307 vehicles delivered. That means Xiaomi lost roughly 60,000 yuan per car sold (on an adjusted basis), based on Bloomberg calculations.</p><p>Lei said on his Twitter-like Weibo account that making cars was tough, asking for understanding while Xiaomi soldiers through an “investment phase.”</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ddd3e9c4d7d3864095a60c70bfce7b5\" tg-width=\"1200\" tg-height=\"675\"/></p><p>Lam wouldn’t be drawn on Xiaomi’s plans beyond 2024, when it’s targeting the delivery of 120,000 EVs — a target it raised in May from around 100,000. On Wednesday, President Lu Weibing told analysts he expects shipments to continue accelerating in coming months, and losses to gradually diminish.</p><p>The company is now developing more models in its EV lineup to better compete with industry leaders, with plans to sell a sport utility vehicle similar to Tesla’s Model Y as early as 2025, Bloomberg News has reported. It’s also expanding its capacity, purchasing a site in Beijing recently.</p><blockquote><h3 id=\"id_1884298992\">What Bloomberg Intelligence Says</h3><p>Its surprisingly strong EV gross margin last quarter might have more room to run, as delivery continues to ramp up. The company’s 3Q EV sales might sequentially grow by 40% to about 9 billion yuan, we calculate.</p><p>- Steven Tseng and Sean Chen, analysts</p></blockquote><p style=\"text-align: start;\">While Xiaomi is only selling the SU7 in China, it showcased the sedan during the Olympic Games in Paris and set up a pit garage at Germany’s famed Nürburgring race track. Lei said in Paris the company will make the vehicle available globally, without providing a time frame. In a live stream Aug. 17, group president Lu said that Xiaomi is studying how to take its cars to Europe, according to Chinese media, despite the European Commission working on import tariffs on made-in-China EVs.</p><p style=\"text-align: start;\">“We do have the global expansion in mind, although right now we are trying to fulfill all the demand from customers in China,” Lam said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiaomi Will Swallow EV Losses to Join Tesla in the Big Leagues</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiaomi Will Swallow EV Losses to Join Tesla in the Big Leagues\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-22 13:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-08-22/xiaomi-will-swallow-ev-losses-to-join-tesla-in-the-big-leagues?srnd=phx-technology><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Xiaomi Corp. is willing to grow its nascent electric vehicle arm at the expense of profits for now, as it angles to join Tesla Inc. and BYD Co. among the world’s biggest automakers over the next ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-08-22/xiaomi-will-swallow-ev-losses-to-join-tesla-in-the-big-leagues?srnd=phx-technology\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","01810":"小米集团-W","XIACY":"小米集团ADR"},"source_url":"https://www.bloomberg.com/news/articles/2024-08-22/xiaomi-will-swallow-ev-losses-to-join-tesla-in-the-big-leagues?srnd=phx-technology","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2461135598","content_text":"Xiaomi Corp. is willing to grow its nascent electric vehicle arm at the expense of profits for now, as it angles to join Tesla Inc. and BYD Co. among the world’s biggest automakers over the next decade or two.The company, known for making everything from smartphones to rice cookers and luggage, is prioritizing growth of the EV business over margins for now, Chief Financial Officer Alain Lam told Bloomberg Television. The five-month-old business will take some time to stem losses, he said.“We’re more focused on our growth than profitability at this point,” said Lam, a trained engineer and former Credit Suisse banker who orchestrated some of Xiaomi’s biggest bets. The value-for-money philosophy that Xiaomi used to climb into the upper echelons of the global phone business will also apply to its EVs, he added.“We do believe scale will bring profit in the future. Right now at this point I only have one SKU, it’s far away from what we call profitability,” he said. “We need to continue to invest in this business.”Xiaomi’s shares rose as much as 8.5% Thursday after it reported its fastest pace of quarterly revenue growth since 2021 — taking its gain since the advent of its EV business in March to about 25%.The results may fuel investors’ hope that Xiaomi has hit upon a new source of growth. They also serve as an early vindication for billionaire founder Lei Jun, who’s taking his company into uncharted territory after staking out a claim on smartphones and consumer electronics.Lei has pledged to invest $10 billion on carmaking, making a bold bet to replicate the success Xiaomi enjoyed in smartphones. His company launched its first EV into a space already crowded with far bigger players. The billionaire has said the firm aims to become one of the world’s top five carmakers in 15 to 20 years.But that takes a lot of capital. Xiaomi recorded an adjusted net loss relating to smart EVs and other new initiatives of 1.8 billion yuan ($252 million) in the second quarter alone, on just 27,307 vehicles delivered. That means Xiaomi lost roughly 60,000 yuan per car sold (on an adjusted basis), based on Bloomberg calculations.Lei said on his Twitter-like Weibo account that making cars was tough, asking for understanding while Xiaomi soldiers through an “investment phase.”Lam wouldn’t be drawn on Xiaomi’s plans beyond 2024, when it’s targeting the delivery of 120,000 EVs — a target it raised in May from around 100,000. On Wednesday, President Lu Weibing told analysts he expects shipments to continue accelerating in coming months, and losses to gradually diminish.The company is now developing more models in its EV lineup to better compete with industry leaders, with plans to sell a sport utility vehicle similar to Tesla’s Model Y as early as 2025, Bloomberg News has reported. It’s also expanding its capacity, purchasing a site in Beijing recently.What Bloomberg Intelligence SaysIts surprisingly strong EV gross margin last quarter might have more room to run, as delivery continues to ramp up. The company’s 3Q EV sales might sequentially grow by 40% to about 9 billion yuan, we calculate.- Steven Tseng and Sean Chen, analystsWhile Xiaomi is only selling the SU7 in China, it showcased the sedan during the Olympic Games in Paris and set up a pit garage at Germany’s famed Nürburgring race track. Lei said in Paris the company will make the vehicle available globally, without providing a time frame. In a live stream Aug. 17, group president Lu said that Xiaomi is studying how to take its cars to Europe, according to Chinese media, despite the European Commission working on import tariffs on made-in-China EVs.“We do have the global expansion in mind, although right now we are trying to fulfill all the demand from customers in China,” Lam said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2461135598"}