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Xiaomi Q3 revenue jumps 30.5%, boosted by electric car sales
Xiaomi Corp reported a significant 30.5% increase in its Q3 revenue, attributed to its new electric car, the SU7 sedan.
The company surpassed analyst expectations with revenue of 92.5 billion yuan (US$12.77 billion), for the quarter ending September 30.
Despite the increase in revenue, Xiaomi’s automotive division remains unprofitable, posting an adjusted loss of 1.5 billion yuan (US$205.5 million), with a gross profit margin of 17.1% for the quarter.
However, the company recorded a 4.4% rise in adjusted net profit to 6.25 billion yuan (US$856.25 million), surpassing the forecasted 5.92 billion yuan (US$811.04 million).
Recent Xiaomi developments
| Timeline |
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30-Oct-2024 🚗 Xiaomi unveils SU7 Ultra EV to compete with Tesla
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28-Oct-2024 🛒 Xiaomi to launch online shopping portal for Singapore
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24-Sep-2024 📱 Xiaomi asks Indian gov’t to withdraw antitrust report
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01-Apr-2024 🚗 Xiaomi jots down 50,000 orders in 30 minutes in maiden EV’s launch
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13-Mar-2024 🚗 Xiaomi to roll out debut EV in China this month
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