Xiaomi recently revealed its Q2 (second quarter) 2024 financial results, showing a significant increase in both total revenue and profits, thanks to strong smartphone sales. This report also marked the first time Xiaomi reported sales numbers for its SU7 electric vehicle, with 27.307 units sold since the model went on sale in April.
Xiaomi triumphs in Q2 2024: smartphone and EV sales growing
Revenue from smartphones between April and June was 46,5 billion Yuan (about $6,5 billion), with a increase of 27% compared to the same period of the previous year. Xiaomi has shipped 42,2 million units, including sub-brands Redmi and Poco. Premium smartphones accounted for 22,1% of all shipments, a year-on-year improvement for Xiaomi. This segment includes models sold in mainland China that cost more than 3.000 yuan (about $420); some of these, such as the Xiaomi 14 Pro or Xiaomi Mix Fold 3, are not yet available outside of the domestic market.
Xiaomi remains there third largest smartphone company in the world for the sixteenth consecutive quarter, behind Apple and Samsung. However, it ranked among the top two in Latin America and the Middle East regions, with market shares of 18,6% and 21,2%, respectively.
Il total number of users in the Xiaomi ecosystem is now 676 million, an increase of 11,5% year-on-year. This number is even more impressive when we consider that the number of users in mainland China is 164 million, meaning that three out of four users are located outside the domestic market.
During a media call following the earnings report, Lu Weibing, founder and president of Xiaomi, revealed that the company is on track to deliver 120.000 cars by the end of 2024, and factories are now working in two shifts to meet demand.
Xiaomi reported revenue of 6,4 billion Yuan (about $900 million) from the smart electric vehicle business, but still operates at a loss, with a deficit of 1,8 billion Yuan (about $252 million). With the increase in orders, the profitability of the automotive sector is expected to improve over time.
