(Yicai) Jan. 5 -- Xiaomi Auto aims to deliver 550,000 electric vehicles in 2026, Lei Jun, founder, chairman, and chief executive of Xiaomi Group, said during his first live stream of the year.

The target implies year-on-year growth of about 34 percent, slowing from last year when deliveries nearly tripled to 410,000 units from the previous year, highlighting a shift toward steadier expansion after a rapid ramp-up.

During the live stream, engineers disassembled a Xiaomi YU7 vehicle to showcase its core components and technical solutions. Lei said the delivery goal “should neither be too high nor too low” and expressed hope that Xiaomi Auto would exceed the target by the end of the year.

“Xiaomi will devote more energy to the automobile business this year,” Lei said, adding that the company plans to invest at least CNY200 billion (USD28.6 billion) in research and development over the next five years. The funding will be used to step up investment in higher-level large artificial intelligence models, rework existing businesses with AI, and continue building a “Human x Car x Home” smart ecosystem.

Lei did not announce any plans to launch new Xiaomi vehicle models. Xiaomi currently sells the SU7 and YU7 models and has delivered more than 500,000 vehicles in about 20 months since deliveries began in April 2024. The YU7, launched in June last year, accounts for 70 percent of the company’s recent monthly sales.

Other Chinese automakers have also set ambitious targets for 2026. BYD has set a sales goal of 5.5 million vehicles, up 19 percent from last year. Zhu Jiangming, chairman of Leapmotor Technology, said the firm aims to sell one million vehicles this year, a 40 percent increase. Geely Automobile Holdings plans to sell almost 3.5 million vehicles, up about 14 percent from last year.

Editor: Emmi Laine