The Xiaomi SU7 on display at the Mobile World Congress 2024.
Arjun Kharpal | CNBCBEIJING — Chinese smartphone company Xiaomi 's new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla 's Model 3 on price.
For context, Tesla China sold more than 600,000 cars last year, according to the China Passenger Car Association.
Li Auto had a gross margin of 23.5% in the fourth quarter last year, while Nio's gross margin was 7.5%, both up from the year-ago period.
Tesla's gross margin has successively declined over the past five quarters to 17.4% in the first three months of this year.
Persons:
Arjun Kharpal, undercutting Tesla, Xiaomi, Lei Jun, Li Auto, Nio, Lei
Organizations:
Mobile, CNBC BEIJING, Citi, China Passenger Car Association, Li, CNBC
Locations:
Beijing, China