Xiaomi Corporation has revealed its financial results for the second quarter of 2024, which showed an increase in total revenue and profit on the back of strong smartphone sales.
The report is also the first time Xiaomi has released sales figures for its SU7 electric vehicle – 27,307 cars since the model went on sale in April.
Xiaomi Corporation Results for the Second Quarter of 2024
Smartphone sales between April and June reached 46.5 billion yuan ($6.5 billion), up 27% from the same period last year. Xiaomi shipped 42.2 million units, including sub-brands Redmi and Poco.
Premium smartphones accounted for 22.1% of all shipments, which is also a year-on-year improvement for Xiaomi. This segment includes models sold in mainland China that cost more than CNY3,000 ($420); some of them, like the Xiaomi 14 Pro or Xiaomi Mix Fold 3, are still not available outside the domestic market.
Xiaomi Corporation Results for the Second Quarter of 2024
Xiaomi remains the world's third-largest smartphone maker for the 16th consecutive quarter, behind Apple and Samsung. However, it ranks second in Latin America and the Middle East, with 18.6% and 21.2% market share, respectively.
The total number of users in the Xiaomi ecosystem is now 676 million, an increase of 11.5% year-on-year. This figure is even more impressive when you consider that the number of users in mainland China is 164 million, meaning that three out of four users are outside the domestic market.
Xiaomi Corporation Results for the Second Quarter of 2024
In a conference call with media after the earnings release, Lu Weibing, Xiaomi's founder and chairman, revealed that the company was on track to deliver 120,000 cars by the end of 2024, and that factories were now working double shifts to meet demand.
Xiaomi reported revenue of 6.4 billion yuan ($900 million) from its smart EV business, but it continues to post losses, with a deficit of 1.8 billion yuan ($252 million). With orders increasing, the profitability of the auto business is expected to improve over time.
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