BEIJING, (Reuters) – China’s Xiaomi founder and CEO Lei Jun said on Tuesday that he expected the company’s auto 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 0.5 billion yuan ($69.5 million) in the quarter ended March 31, with its EV business revenue reaching 18.1 billion over the same period.
Xiaomi will start selling its second EV model YU7 in July.
($1 = 7.1903 Chinese yuan renminbi)
Reporting by Li Qiaoyi, Che Pan and Brenda Gao ; Editing by Christian Schmollinger and Emelia Sithole-Matarise
