Xiaomi's Electric Vehicle Ambitions Gain Momentum with Key Milestones

Xiaomi KYG9830T1067

Xiaomi continues to make significant strides in its electric vehicle (EV) division, backed by concrete delivery figures. Concurrently, the company's ongoing share repurchase program highlights its focus on capital market activities. A critical question emerges: can this pace be sustained as the company aims for a substantially higher annual target in 2026?

Alongside its operational progress, Xiaomi is actively repurchasing its own shares. Recent stock exchange filings reveal the following transactions:
- On February 13: The company bought back 2.7 million Class B shares for HKD 98.4 million.
- On February 12: It repurchased 4.1 million Class B shares for HKD 148.2 million.

This follows a new buyback program announced in late January, which prompted the stock to briefly gain over 2%. Trading on the Hong Kong exchange saw Xiaomi's shares close at HKD 36.84 on February 13. Throughout the week of February 10 to 13, the price fluctuated between HKD 35.46 and HKD 37.50, accompanied by elevated trading volume.

Accelerating Deliveries and a Lofty 2026 Target

The EV unit reported that cumulative customer deliveries have now surpassed 600,000 vehicles since their commencement in April 2024. The momentum is clear in the annual figures: over 410,000 units were delivered in 2025 alone, with more than 50,000 vehicles handed over in December. The new year began robustly, with 39,000 vehicles delivered in January 2026.

Strong demand is further evidenced by the performance of the YU7 model, which achieved over 150,000 deliveries within just six months of its market launch.

Key Delivery Metrics:
- Total EV Deliveries to Date: 600,000+
- 2025 Full-Year Deliveries: 410,000+
- January 2026 Deliveries: 39,000
- YU7 Deliveries (6-month): 150,000+
- 2026 Delivery Target: 550,000 vehicles

Looking ahead, CEO Lei Jun has set an ambitious goal of 550,000 vehicle deliveries for 2026. This represents a projected increase of approximately 34% compared to the previous year's performance. Maintaining the recent delivery tempo will be crucial to hitting this target.

Next-Gen SU7 Rollout Begins with Price Adjustments

Xiaomi is simultaneously advancing the update of its SU7 series. The first display models of the next-generation SU7 have arrived in 30 stores across seven major cities, including Beijing, Shanghai, Guangzhou, and Shenzhen. A second wave, involving an additional 30 outlets, is scheduled to begin on February 25. The official market launch for the updated SU7 is planned for April 2026.

Pricing for the pre-sale has been announced, with three variants ranging from 229,900 to 309,900 yuan. These figures represent an increase of roughly 10,000 to 14,000 yuan over similarly equipped versions of the current model.

The company's ability to sustain its operational momentum through the SU7 rollout and maintain delivery speed will be the defining factors in achieving its stated annual objective.