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

Chinese smartphone company Xiaomi's new car is selling better than expected, putting it closer to break-even despite undercutting Tesla's Model 3 on price.

with a price about $4,000 less than Tesla's Model 3, and has started deliveries. The Chinese smartphone company is set to livestream a car update at 9:20 a.m. on Thursday, as the Beijing auto show kicks off. The Citi analysts raised their earnings per share forecast by 25% this year, and now expect Xiaomi to ship 100,000 cars this year, 200,000 next year and 280,000 in 2026.Tesla's gross margin has successively declined over the past five quarters to 17.4% in the first three months of this year.But on Tuesday, he estimated gross profit margin of around 5% to 10% for Xiaomi's auto business, and noted that sales are greater than expected, while expressing thanks to suppliers on reducing costs.

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