Xiaomi Q2 2026 Results: EV Revenue and Deliveries Rise

Xiaomi Reports Lower Revenue and Profit in H1 2026

On August 18, Xiaomi Corporation released its Q2 and interim results for 2026, reporting weaker overall financial performance during the first half. H1 2026 revenue reached CNY 208.1 billion, down 8.4% year over year, while adjusted net profit declined 42.8% to CNY 12.3 billion. Despite the broader decline, revenue from smart electric vehicles, artificial intelligence and other new initiatives increased 12.3% year over year to CNY 44.8 billion, with the combined segment delivering a 19.6% gross profit margin.

Smart EV Revenue and Deliveries Continue to Grow

In Q2 2026, Xiaomi Corporation generated CNY 108.9 billion in total revenue, down 6.1% year over year, while adjusted net profit fell 42.6% to CNY 6.2 billion. Revenue from smart EVs, AI and other new initiatives rose 17.1% to CNY 24.9 billion, supported primarily by automotive growth. Smart EV revenue alone reached CNY 23.9 billion, up 15.9% year over year, as higher vehicle deliveries outweighed the impact of a lower average selling price during the quarter.

Xiaomi EV Deliveries Surpass 100,000 Units in Q2

Xiaomi EV delivered 104,199 vehicles in Q2 2026, representing a 28.2% year-over-year increase. In H1 2026, the Xiaomi SU7 series ranked first in sales among battery electric sedans priced above CNY 200,000 in the China mainland market. Cumulative Xiaomi SU7 series deliveries also exceeded 500,000 units as of August 17, 2026, highlighting the growing scale of the company’s electric vehicle business. The operating loss for the smart EV, AI and other new initiatives segment narrowed from CNY 3.1 billion in Q1 to CNY 2.6 billion in Q2, although the H1 operating loss remained CNY 5.7 billion.

Kunlun Architecture Expands Xiaomi’s EV Product Strategy

In July 2026, Xiaomi Corporation officially unveiled its Kunlun Technology Architecture, which includes the Xiaomi Kunlun Platform, Xiaomi Kunlun HyperRange and Xiaomi Kunlun Total Safety. The architecture also supports the company’s expansion into range-extended electric vehicles through the new Xiaomi SkyNomad SUV series. The lineup currently includes the Xiaomi SkyNomad N90 Max and N70 Max, with presale prices of CNY 299,900 and CNY 259,900, respectively. Both models are expected to receive their official launch in September 2026.

Frequently Asked Questions

What did Xiaomi report in its Q2 2026 results?
Xiaomi reported lower overall revenue and adjusted net profit in Q2 2026, while its smart electric vehicle business continued expanding through higher deliveries. Total quarterly revenue reached CNY 108.9 billion, down 6.1% year over year, and adjusted net profit was CNY 6.2 billion, down 42.6%. Smart EV revenue increased 15.9% to CNY 23.9 billion, while quarterly vehicle deliveries reached 104,199 units, up 28.2% year over year. The company also continued broadening its EV portfolio through the Kunlun Technology Architecture and SkyNomad SUV series.