Xiaomi profit rises as electric vehicle strategy progresses

Xiaomi Corp announced a rise in third-quarter earnings on Monday, highlighting growth in its smartphone and smart technology segments, including its car and home offerings.

Xiaomi profit rises as electric vehicle strategy progresses

During the period, smartphone shipments increased, and revenue from its expanding smart electric vehicle (EV) division saw significant gains. The company reported a net profit of ¥5.34 billion (approximately $737.1 million) for the three months ending September 30, up 9.7% from ¥4.87 billion in the same period last year. Total revenue surged 31% to ¥92.51 billion, compared to ¥70.89 billion previously. "In the third quarter of 2024, we achieved record revenue and robust earnings growth," Xiaomi stated.

Global shipments increase

Xiaomi's global smartphone shipments reached 43.1 million units in Q3 2024, marking a 3.1% increase year-over-year. According to data from Canalys, Xiaomi ranked as the world's third-largest smartphone maker during this period, capturing a 13.8% market share. The company also made strides with its 'Human, Car, Home' strategy, which integrates personal devices, smart home products, and automotive technology into a connected ecosystem. Revenue from its 'smart electric vehicles and other new initiatives' segment grew to ¥9.70 billion in the third quarter, up from ¥6.37 billion in the previous quarter. This growth follows the launch of Xiaomi’s smart EV in late March.