Xiaomi exceeds Q3 estimates thanks to EV business
Xiaomi Corp’s Q3 2024 revenue exceeded analyst expectations. The China-based company’s recent success has been attributed to its rapidly growing electric vehicle (EV) business, thanks to the popular SU7.
“In the third quarter of 2024, we achieved record revenue and solid earnings growth. In the third quarter of 2024, our total revenue reached RMB92.5 billion, up 30.5% year-over-year. Segmentwise, in the third quarter of 2024, revenue of our smartphone × AIoT segment reached RMB82.8 billion, up 16.8% year-over-year; revenue of our smart Electric Vehicle (“EV”) and other new initiatives segment reached RMB9.7 billion.
“In the third quarter of 2024, our adjusted net profit increased by 4.4% year-over-year to RMB6.3 billion, which included RMB1.5 billion in adjusted net loss related to our smart EV and other new initiatives2 ,” reported Xiaomi Corp.
The Chinese company also shared that it delivered 39,790 Xiaomi SU7 units in the third quarter. As of September 30, 2024, the company stated it delivered 67,157 SU7 vehicles. For October 2024, Xiaomi Corp. said SU7 deliveries surpassed 20,000 units. The new EV company raised its 2024 delivery target to 130,000 vehicles.
“We remain committed to full-stack, in-house technology R&D to advance the intelligent driving experience of our users. On October 30, 2024, we started pushing the City Navigate on Autopilot (City NOA) for all users of the Xiaomi SU7 Pro and the Xiaomi SU7 Max in mainland China. Moreover, we expect to launch the pioneer version of the full-scenario Hyper Autonomous Driving (HAD) solution by the end of December 2024,” noted Xiaomi Corp.
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Source: https://www.teslarati.com/xiaomi-q3-2024-revenue-expectations/
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