Xiaomi is establishing itself as a serious EV manufacturer – but still falling short of its annual target

Yes, Xiaomi now offers far more than just smartphones, computers and office equipment, tablets, wearables, audio products, micromobility, personal care, home cleaning, TVs and home theater systems, climate control, kitchen appliances, smart home products, security technology, networking and connectivity, power supplies and chargers, fitness and health products, pet products, everyday essentials and lifestyle products, and tools – it has also been making electric cars since 2021.

However, the company set itself an ambitious target for 2026: it aims to deliver a total of 550,000 vehicles this year. But from January through October, it has delivered just 336,000 units, equivalent to only around 61 percent of its overall target.

October was its strongest month yet, with Xiaomi delivering 50,000 vehicles in a single month for the first time. That's a positive development. However, to still hit its annual target, the company would need to deliver 107,000 vehicles in each of the remaining two months, November and December. That would be more than double its previous monthly record set in October – a scenario that seems highly unrealistic.

Xiaomi may have underestimated the competitive pressure going into the year. The market is particularly fierce in its home market of China, where established players such as BYD, Xpeng, NIO and others are hardly willing to give up market share. As a result, the company will likely sell fewer vehicles this year than originally planned. How this will affect its stock price remains to be seen. Xiaomi is planning to enter the European market in 2027, where its extensive ecosystem spanning multiple product categories could give it a competitive edge.