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.