Xiaomi Corporation released its second-quarter 2024 financial results, which showed an increase in total revenue and profit thanks to strong mobile phone sales.
In this report, Xiaomi released sales figures for its SU7 electric car for the first time. Since the model went on sale in April, 27,307 units have been sold.
Xiaomi Corporation Q2 2024 Results
Smartphone sales revenue in the April-June period was CNY46.5 billion (USD6.5 billion), up 27% from the same period last year. Xiaomi sold 42.2 million units, including its Redmi and Poco sub-brands.
Premium smartphones accounted for 22.1% of total shipments, also a year-over-year improvement for Xiaomi. This segment includes models sold in mainland China that cost more than CNY 3,000 ($420); some of them, such as the Xiaomi 14 Pro or Xiaomi Mix Fold 3, are still unavailable outside the domestic market.
Xiaomi Corporation Q2 2024 Results
Xiaomi remains the world’s third-largest smartphone company for the 16th consecutive quarter, behind Apple and Samsung. However, it was in the top two in Latin America and the Middle East region, with 18.6% and 21.2% market share, respectively.
The total number of users in the Xiaomi ecosystem now stands at 676 million, up 11.5% year-on-year. This number is even more impressive when you consider that the number of users in mainland China stands at 164 million, meaning three out of four users are located outside the domestic market.
Xiaomi Corporation Q2 2024 Results
During a press conference following the earnings report, Lu Weibing, founder and chairman of Xiaomi, revealed that the company is on track to deliver 120,000 cars by the end of 2024, with factories now running double shifts to meet demand.
Xiaomi reported CNY6.4 billion ($900 million) in revenue from its Smart EV business, but is still losing CNY1.8 billion ($252 million) in the red. As orders pick up, the automotive business’ profitability is expected to improve over time.
Source
