档案库 · 硬件与设备 · 战略决策 · 2024–2026
小米造车：规模胜过质疑，年交付41万，首度盈利，目标55万
中国曾质疑手机厂商能否卖出20万元以上的车；小米汽车2025年交付411082辆电动汽车，营收达1061亿元，并设定2026年55万辆的目标
小米
做的是什么生意
Xiaomi Auto is the electric-vehicle arm of the phone and smart-device maker, launched with the SU7 performance sedan in 2024 and expanded with the YU7 large SUV and SU7 Ultra in 2025; it sells in China with plans for extended-range SUVs and a seven-seat flagship, integrating cars with Xiaomi's phone and smart-home ecosystem.
启动资金：Xiaomi funded the car business from group cash flow rather than external rounds: 2025 R&D spending was ¥33.1B, with ¥105.5B invested over the previous five years (BitAuto), and Lei Jun committed at least ¥200B to R&D over the next five years, concentrated on batteries, electric drives, intelligent driving and generative AI (36Kr).
起因
Xiaomi Auto entered the market in 2024 with the SU7 sedan, a late and heavily doubted move: observers questioned whether a phone brand could sell premium cars in China's crowded EV market. The company answered with product-first positioning and scaled manufacturing, and by early 2025 was delivering tens of thousands of cars a month while Lei Jun publicly set the year's goal at 300,000 vehicles.
经过
Demand ran ahead of plan through 2025. Xiaomi raised the delivery target from 300,000 to 350,000 mid-year, then finished at 411,082 vehicles, up 200.4% year on year. The YU7 large SUV, on sale about half a year, passed 150,000 deliveries and became China's top-selling large SUV for seven straight months; the SU7 was the best-selling sedan above ¥200,000 for the year, and the SU7 Ultra hit its 10,000-delivery goal in under six months. Q3 2025 marked the business's first profitable quarter.
结果
In Xiaomi's 2025 annual report, released 2026-03-24, smart EV and AI innovation revenue reached ¥106.1B, up 223.8%, and the group called the car business its second growth engine, with auto revenue 23.2% of the total. On the new-year broadcast in January, Lei Jun set a 550,000-delivery target for 2026 — 140,000 more than 2025 — backed by four new models including two extended-range SUVs and a ¥200B five-year R&D commitment.
背景
小米汽车于2024年推出首款车型——高性能轿车SU7，以手机厂商身份进入中国电动汽车市场，一切都需要证明。雷军的赌注是，小米的品牌、生态系统和供应链纪律能在规模上超越专注的电动汽车初创公司，他设定了公开的交付目标来衡量这一点。
规模化超出了所有目标：2025年小米交付411082辆车，同比增长200.4%，此前中途将目标从30万辆提高到35万辆。SU7成为20万元以上中国最畅销轿车，YU7大型SUV在约半年内交付超过15万辆并连续七个月领跑其细分市场，SU7 Ultra在半年内达成1万辆交付。
2026年3月24日发布的2025年年度报告显示了回报：智能电动汽车和AI创新收入1061亿元，增长223.8%，占集团收入的23.2%，2025年三季度是汽车业务首次实现单季盈利。雷军给出的回应是2026年55万辆目标、包括增程式SUV在内的四款新车型、以及2000亿元的五年研发计划，将汽车定位为继手机和智能家居之后的“第三增长曲线”。
这件事要成立，得有什么
- 小米的手机和AIoT装机量给汽车品牌带来了即时信任和人-车-家生态系统，这是竞争对手难以快速复制的
- 超额完成公开宣布的目标将怀疑转化为可信度，每次提高目标都成为免费营销
- 在硬件定价和供应链方面的垂直经验让小米比前十年的新电动汽车进入者更快地扩大生产规模
- SU7和YU7的高定价而非低价竞争保护了利润率，同时销量增长建立了品牌
可借鉴之处
当每个人都声称产品优势时，用交付曲线证明可信度：小米超额完成公开提高的目标，将一个备受质疑的进入转变为中国最快的电动汽车规模化案例
后续进展
截至2026年3月的年度报告，小米汽车业务已成为第二增长引擎：智能电动汽车和AI创新收入1061亿元，占集团总收入的23.2%，被定位为继手机和AIoT之后的第三曲线。雷军设定了2026年55万辆的交付目标，由四款新车型支撑，包括两款面向大型SUV市场的增程式SUV，并承诺五年2000亿元研发，其中三年600亿元用于AI；两个工厂加上2025年6月赢得的第三工厂预计能覆盖产能。
资料来源
- Xiaomi Auto Sells 410,000 Units, Achieves First Profit at Year-End. Lei Jun Aims for 550,000 Units, Four New Models to Target Extended-Range Market
- Xiaomi 2025 Annual Report: Auto Business Revenue Breaks RMB 100 Billion
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