Xiaomi Corporation announced its financial results for the second quarter of 2024, showing that total revenue and profit increased on the back of strong sales of Samsung phones.
The report also marked the first time that Xiaomi released sales figures for its SU7 electric vehicle – 27,307 cars since the model went on sale in April.
Xiaomi Corporation Results for Q2 2024
Smartphone sales for April-June were CNY46.5 billion ($6.5 billion), up 27% year-on-year. Xiaomi shipped 42.2 million units, including its sub-brands Redmi and Poco.
Premium smartphones accounted for 22.1% of all shipments, which is also a year-on-year improvement for Xiaomi. That 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 the Xiaomi Mix Fold 3are still not available outside the home market.
Xiaomi Corporation Results for Q2 2024
Xiaomi remains the world’s third-largest smartphone company for the 16th consecutive quarter, behind Apple and Samsung. However, it was in the Top 2 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 now stands at 676 million, up 11.5% YoY. The number is even more impressive when we consider that the number of users in mainland China is 164 million, which means that three out of four users are outside of the home market.
Xiaomi Corporation Results for Q2 2024
During a media call following the earnings report, Lu Weibing, founder and president of Xiaomi, revealed that the company is on track to Deliver 120,000 cars by the end of 2024 and factories are now running double shifts to meet demand.
Xiaomi reported CNY6.4 billion ($900 million) in revenue from its Smart EV business, but the company is still operating at a loss, with CNY1.8 billion ($252 million) in the red. With increasing orders, the profitability of the auto business is expected to improve over time.