Xiaomi has reported its Q3 2024 financial results, showcasing a total revenue of 92,506.5 million Yuan, marking a 30.5% increase from the same period last year. Non-IFRS net profit stood at 6,252.0 million Yuan, with key contributions from the electric car SU7. The revenue from electric vehicles (EVs), combined with all New Initiatives, accounted for 9,697.1 million Yuan, representing 10.5% of total revenue. Smartphone sales generated 47,452.3 million Yuan, up by 13.9%, while IoT and lifestyle products reached 26,102.2 million Yuan, showing a growth of 26.3%.
Lei Jun, the CEO and co-founder of Xiaomi, announced that the company invested 6 billion Yuan in research and development in the past quarter, a 19.9% increase. The EV business hit a significant milestone by delivering the 100,000th car, surpassing initial expectations. Consequently, Xiaomi has revised its EV delivery target for this year from 120,000 to 130,000 cars.
Lu Weibing, Xiaomi’s President, disclosed during the earnings call that current electric car production stands at 20,000 units per month, with a positive outlook for further escalation.
TLDR: Xiaomi’s Q3 2024 financial report highlighted remarkable revenue growth, mainly driven by electric vehicles, smartphones, and IoT products. The company achieved significant milestones in EV delivery and ramped up production to meet increasing demand.
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