China's Xiaomi is selling more EVs than expected, raising hopes it can break even sooner

Chinese smartphone company Xiaomi’s electric vehicle (EV) is exceeding sales expectations, bringing it closer to break-even despite being priced lower than Tesla’s Model 3. Xiaomi has received over 70,000 orders for its electric sedan, the SU7, nearing its annual target for deliveries. CEO Lei Jun now aims to deliver 100,000 EVs this year. Xiaomi plans to livestream a car update as the Beijing auto show begins. Analysts suggest that breaking even would require annual sales of 300,000 to 400,000 units. Xiaomi has ambitions to become one of the top five automakers globally.