According to a research report released by Morgan Stanley, Xiaomi Group-W (01810) delivered more than 0.135 million electric vehicles in 2024, exceeding its annual delivery target.
Since the Group delivered more than 0.025 million vehicles in a single month in December last year, the company raised its 2025 delivery target to 0.3 million vehicles, higher than the previous target of about 0.25 million vehicles. The bank believes that the Group will continue to increase automobile production capacity, so the 2025 shipment target may be further raised.
Damo expects positive changes in Xiaomi's product portfolio in 2025, which may drive growth and better profit margins for electric vehicles. Furthermore, the bank believes that Xiaomi's delivery volume in 2024 is stronger than expected, while the shipment target for 2025 is also high, which means that the new electric vehicle business has excellent execution capabilities.
