Islamabad, Aug 24: Strong second-quarter results, fueled by a spike in smartphone sales, were reported by Xiaomi Corporation. For the quarter, the business reported higher profits and revenue.
Xiaomi revealed sales data for its SU7 electric car in a first. The company has sold more than 27,000 EVs since its April start.In the second quarter of 2024, Xiaomi’s smartphone sales increased dramatically, bringing in $6.5 billion in revenue. When compared to the previous year, this indicates a noteworthy 27% rise. 42.2 million smartphones, including those under the well-known Redmi and Poco sub-brands, were shipped by the company.
Premium smartphones, which cost more than $420 in China’s mainland, made up 22.1% of all shipments, an increase from the previous year. Flagship devices such as the Xiaomi Mix Fold 3 and the Xiaomi 14 Pro are included in this category, which are only available on the Chinese market at the moment.
After industry heavyweights Apple and Samsung, Xiaomi has remained the third-largest smartphone producer in the world for the sixteenth consecutive quarter. With market shares of 18.6% and 21.2% in Latin America and the Middle East, respectively, the company placed second in both regions, exhibiting especially impressive performance.With 676 million users worldwide, Xiaomi’s ecosystem has grown tremendously as well, marking a noteworthy 11.5% annual gain. Remarkably, 74 percent of these users are based outside of mainland China, which makes up Xiaomi’s home market and has 164 million users.
Lu Weibing, the President and Founder of Xiaomi, gave a confident speech to the media during a conference after the company’s results announcement regarding its plans to pursue electric vehicles. Xiaomi is expected to supply 120,000 electric vehicles by the end of 2024, according to Weibing, with manufacturers adding more shifts to accommodate the increasing demand.Even though Xiaomi’s Smart EV division brought in $900 million, the company still lost $252 million. Still, the business expects increased profitability as production increases to meet increasing order volumes.
