Xiaomi raises EV sales target, plans new overseas stores as Q4 revenue jumps

China's Xiaomi (1810) on Tuesday reported an almost 50 percent jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it planned to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.

Xiaomi president Lu Weibing said on an earnings call that he saw great potential for the company's products - from phones and tablets to cars - in overseas markets, though he added the complexity of expanding abroad was "quite high".

Lu said the company aimed to start shipping cars overseas in 2027.

Lu said Xiaomi aimed to ship 180 million smartphones this year, versus 168.5 million in 2024, adding the company would invest up to 8 billion yuan, about a quarter of its total research and development budget this year, in AI-related initiatives.

REUTERS