Xiaomi has announced its financial results for the second quarter of 2024, recording significant growth in revenue and profits supported by strong smartphone sales.
Smartphone revenue between April and June reached 46.5 billion yuan ($6.5 billion), up 27% compared to the same period last year, with the company shipping 42.2 million units, including sub-brands such as Redmi and Poco.
Xiaomi reveals sales figures for its electric car for the first time SU7having sold 27,307 cars since the model went on sale in April.
It generated revenue of 6.4 billion yuan ($900 million) from the smart electric vehicle segment, but the segment still recorded losses of 1.8 billion yuan ($252 million).
The company expects profitability in this area to improve with increased orders, as factories are now operating double shifts to meet the increased demand.
In the sector flagship smartphonesPhones priced above 3,000 yuan ($420) accounted for about 22.1% of total shipments, marking a year-on-year improvement for the company. This category includes models like the Xiaomi 14 Pro and Xiaomi Mix Fold 3, which are still only available in the Chinese market.
Xiaomi maintained its position as the world’s third-largest smartphone brand for the 16th consecutive quarter, behind Apple and Samsung. However, the company came in second in the Middle East, with a market share of 21.2%.
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