Xiaomi has reported its second quarter financial results for 2024, marking the debut of the company’s electric car SU7. Overall revenue saw a significant increase of 32.0% compared to the same quarter in the previous year, reaching 88,887.8 million yuan, with a net profit of 6,175.4 million yuan in Non-IFRS terms.
Revenue from the sales of Xiaomi SU7 electric cars in the past quarter amounted to approximately 6.2 billion yuan. When combined with the New Initiatives business group, total revenue reached 6,368.8 million yuan, with a net profit margin for the business segment at 979.8 million yuan, translating to a rate of 15.4%.
Xiaomi reported delivering 27,307 units of the Xiaomi SU7 in the quarter, with production capacity steadily increasing each month. The company anticipates delivering 100,000 units by November and targeting a net total of 120,000 units for the year.
The smartphone business of Xiaomi generated revenue of 46,516.4 million yuan, a figure closely aligned with the previous year. The number of units shipped increased by 42.3 million, securing a market share ranking of 3rd globally at 14.8%, as per IDC reports. The IoT and lifestyle business segment recorded a revenue of 26,760.3 million yuan.
Source: Xiaomi (pdf) and Reuters
TLDR: Xiaomi’s Q2 2024 financial results reflect a promising start for their electric car venture, with impressive revenue growth and expansion in both the smartphone and IoT sectors.
Leave a Comment