Xiaomi's Strategic Growth in Smartphones and Electric Vehicles Shines in Q3 Results
Xiaomi Revenue Report for Q3
In a remarkable quarter, Xiaomi reported a 30.5% increase in revenue, attributed to a recovery in the global smartphone market and notable growth in electric vehicles. For the three months ending in September, the company recorded revenues of 92.5 billion yuan (approximately US$12.8 billion), exceeding projections that estimated 90.3 billion yuan. The adjusted net income rose by 4.4% year on year, reaching 6.3 billion yuan, surpassing the forecast of 5.9 billion yuan.
Electric Vehicles Driving Growth
- Xiaomi's smart electric vehicle initiatives generated 9.7 billion yuan in revenue, with the SU7 sedan making a significant impact.
- The company delivered 39,790 SU7 vehicles in Q3 alone.
- Recently, Xiaomi announced it exceeded its 2023 target of 100,000 EVs produced and is now aiming for 130,000 deliveries.
Smartphone Market Position
With global smartphone sales rising by 5% in Q3, Xiaomi solidified its position as the third-largest smartphone vendor worldwide. According to Canalys, Xiaomi shipped 42.8 million smartphones, capturing 14% of the global market.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.