Xiaomi Corporation has successfully established itself in almost every sector, from Android phones and tablets to home appliances, automotive manufacturing, and robotics. The company has released its financial results for Q2 2024, showcasing impressive growth.
Xiaomi Remains the Third Largest Smartphone Manufacturer
In the second quarter of the year, Xiaomi reported significant sales growth. For the first time, the company also disclosed sales and revenue figures for its electric vehicle, the SU7, with a total of 27,307 units sold.
Xiaomi aims to deliver 120,000 cars by the end of 2024 and generated $900 million in revenue. Despite this, the company reported a loss of $252 million but expects to offset this deficit with new orders and targets.
Xiaomi has revealed the release date for the Xiaomi SU7 Ultra, which was introduced last month and continues to be developed.
In the smartphone market, Xiaomi continues to hold the position of the third-largest manufacturer. During the April-June 2024 period, the company earned $6.5 billion, a 27% increase compared to the previous year. Xiaomi, including its Redmi and POCO brands, sold a total of 42.2 million phones.
Of these devices, 22.1% were premium models priced at $420 or above. Although Xiaomi ranks third globally, it has achieved top-two positions in Latin America and the Middle East with market shares of 18.6% and 21.2%, respectively.
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