BEIJING (AFP) – Chinese consumer tech giant Xiaomi yesterday announced a surge in sales during the third quarter, propelled in part by accelerating electric vehicle deliveries after it entered the highly competitive sector this year.
Xiaomi built its name on a wide range of affordable products including smartphones, tablets and home appliances, only expanding into the crowded EV field with its own model earlier this year. The Beijing-based firm announced revenue of CNY92.5 billion (USD12.8 billion) during the three months leading up to September 30, up 30.5 per cent from the previous year, a filing at the Hong Kong Stock Exchange showed.
Deliveries of its SU7 EV – launched in March this year – reached 39,790 during the period, up from 27,307 in the second quarter and bringing in revenue of CNY9.5 billion (USD1.3 billion).
“In the third quarter of 2024, we continued to ramp up production and achieved our goal of cumulative production of 100,000 vehicles on November 13,” the statement said.
Revenue from Xiaomi’s vital smartphone business stood at CNY47.5 billion (USD6.6 billion), up 13.9 per cent year-on-year but slowing from the 27.1 per cent growth recorded in the second-quarter.
The firm’s overall profit during the third-quarter reached CNY5.3 billion (USD730 million), up 9.7 per cent year-on-year, the filing showed.
