Xiaomi released its financial results for the first quarter of 2026 on Tuesday, reporting total revenue of RMB 99.1 billion ($13.8 billion). Revenue from its smart electric vehicle, AI, and other innovation businesses reached RMB 19.9 billion ($2.8 billion). Xiaomi’s R&D spending for the quarter totaled RMB 9 billion ($1.25 billion), up 33.4% year-on-year.
The automotive business has become one of Xiaomi’s stable revenue drivers. In the first quarter, Xiaomi delivered 80,856 smart electric vehicles. Since the first deliveries began on March 28, 2024, cumulative Xiaomi EV deliveries had surpassed 655,000 units by late April 2026, according to the company. [TechNode reporting]