Xiaomi CEO expects EV business to turn profitable in second half of 2025

China's Xiaomi founder and CEO Lei Jun said on Tuesday he expects the company's car business to turn profitable in the second half of the year, according to a company spokesperson.

Xiaomi's loss from its smart electric vehicles, AI and other new projects amounted to 500-million yuan (R1.24bn) in the quarter ended March 31, with its EV business revenue reaching 18.1-billion yuan (R44.96bn) over the same period.

Xiaomi will start selling its second EV model YU7 in July.