Xiaomi Q2 Revenue Falls 6.1% YoY, Auto Deliveries Up 28.2%

The divergence matters more than either number: a revenue decline alongside a double-digit jump in EV deliveries signals that Xiaomi's automotive ramp is not yet large enough to offset weakness elsewhere in the business. The EV figure is the one carrying the growth narrative, which puts unusual weight on a segment still early in its scale-up. Whether deliveries keep growing at this pace while the broader top line stabilizes is the open question.