On 18 November, Chinese tech giant and EV maker Xiaomi released its Q3 financial results. During the quarter, Xiaomi earned a whopping 92.5 billion RMB (12.78 billion USD) in revenue, growing 30.5% year-on-year (YoY). Its profit also reached 6.3 billion RMB (870.24 million USD), increasing 4.4% YoY. Founder and CEO Lei Jun hailed the results as the best in the history of Xiaomi.
The smartphone x AIoT (Artificial Intelligence of Things) department delivered 82.8 billion RMB (11.44 billion USD), growing 16.8% YoY. Xiaomi sold 43.1 million smartphones globally in Q3, growing 3.1% YoY. Meanwhile, innovative businesses, including EVs earned 9.7 billion RMB (1.34 billion USD). Investment into innovation and R&D also increased 19.9% YoY to 6 billion RMB (828.80 million USD) This resulted in 1.5 billion RMB (207,20 million USD) from the department.
It was reported that before the financial report was released, the Xiaomi SU7 EV had delivered its 100,000th car and reached its target for 2024. Lei also announced that the company had adjusted its target to 130,000. SU7 sold over 20,000 in October alone, the highest since the car’s release.
It was also reported that Xiaomi is strengthening its offline presence with more shops. The brand currently operates nearly 14,000 shops across Mainland China and the group is aiming for 15,000 by the end of the year and over 20,000 by the end of 2025. It is also increasing the number of large stores and expanding existing stores. Xiaomi is also growing its overseas presence, paving the way to launch its EVs outside China.
Xiaomi’s strategy, compared to competitors such as Huawei, OPPO and BYD is the crossover between its multitude of categories of merchandise, such as smart devices, home appliances and EVs, as well as high offline efficiency. It is also pivoting towards higher-end smartphones between 4,000 and 5,000 RMB (552.53 and 690.66 USD). With a new AI operation system HyperOS 2 just released, Xiaomi is heading towards a closed loop of total ecosystem for “person, home and vehicle”.
