“Chinese electronics maker Xiaomi Corp posted a 30.5% jump in revenue in the third quarter as consumers eagerly bought the company’s first electric car.”, — write: www.epravda.com.ua
Chinese electronics maker Xiaomi Corp posted a 30.5% jump in revenue in the third quarter as consumers eagerly bought the company’s first electric car.
About this informs Reuters.
For the quarter ended Sept. 30, the company reported revenue of 92.5 billion yuan ($12.77 billion), beating analysts’ consensus forecast of 91.1 billion yuan.
Xiaomi launched a Porsche-style car in March, entering China’s crowded EV market with an eye-catching price tag of less than $30,000 for the base model, $4,000 cheaper than Tesla’s base Model 3 in China .
On Monday, the company raised its sales plan and now aims to sell 130,000 smartphones in 2024, far more than the original target of 76,000. To keep up with demand, Xiaomi has doubled its production shifts since June and launched the premium SU7 Ultra model at a price of over 110 thousand dollars
However, Xiaomi’s car business is still running at a loss. The unit reported an adjusted loss of 1.5 billion yuan for the quarter on a gross profit margin of 17.1%.
Xiaomi reported adjusted net profit rose 4.4% to 6.25 billion yuan, against a consensus forecast of 5.92 billion yuan.
We will remind:
Chinese company Xiaomi launched a smartphone factory that runs solely on robots.
Xiaomi Corp. announced about its ambitions for its debut SU7 electric car to become one of the top three best-selling luxury electric car models in China, on a par with Tesla.