How NOT to make money ... But keep the One-Nutters happy...

Xiaomi loses almost $14,000 per electric car, but the phone brand is about to add a new model – report

Chinese electric car maker Xiaomi has reported significant losses on its hot-selling SU7 electric sedan but plans for a second model – alongside far bigger losses from Ford and Rivian...

When it moved into car manufacturing in the brand made a public goal of becoming one of the world’s Top Five best-selling car makers within two decades, challenging the likes of Honda, General Motors (GM) and Ford...

According to Carscoops, Xiaomi reported a $US9200 ($AU13,540) loss per vehicle in its first full quarter of customer deliveries – $US252 million ($AU371 million) in total after selling 27,207 electric cars between April through June 2024...

That’s less than one-third of US (United States) electric start-up Rivian, which recorded a $US32,000 ($AU47,100) loss on every car it sold over the same period...

It’s also almost 80 per cent less than Ford’s $US1.1 billion ($AU1.62 billion) loss – equating to $US47,600 ($70,160) for each electric vehicle sold – in April, May and June, which was even higher than Ford’s previous late 2023 losses of $US36,000 ($AU53,000) per electric vehicle which prompted a rethink of its approach to emerging technology...

A report in March revealed an average loss of $US6000 ($AU8800) on every new electric car sold in the US...

Ford switched to cars making immediate profit – including cancelling a battery-electric three-row SUV and repurposing the plant it was to be made in for increased production of its V8 internal-combustion engine F-Series Super Duty full-size pick-ups instead.