Xiaomi revenue jumps 30.5% as EV business takes off
Xiaomi pulled in US$12.8 billion in the quarter ended September, after reaching its goal to produce 100,000 EVs this year
The company’s revenue for the three months through September reached 92.5 billion yuan (US$12.8 billion), beating the 90.3 billion yuan estimated by analysts surveyed by Bloomberg.
Adjusted net income over the period rose 4.4 per cent year on year to 6.3 billion yuan, above the estimated 5.9 billion yuan.
“We are firmly committed to our new goal for 2020-2030, which is to invest in foundational core technologies and to become a global leader in the evolving realm of cutting-edge technologies,” the company said in a statement.
Xiaomi’s “smart electric vehicle and other new initiatives” business segment brought in 9.7 billion yuan in revenue, as the company continues to see positive reception of its first EV, the SU7 sedan released earlier this year. The company said it delivered 39,790 SU7 series vehicles in the third quarter.
After revealing on Weibo last week that the company met its goal of producing 100,000 vehicles this year, Xiaomi CEO Lei Jun said in another post on Monday that the company is now targeting 130,000 deliveries.
The Beijing-based company’s core operations for smartphones and “artificial intelligence of things”, or AIoT – a category that includes Internet of Things and lifestyle products – pulled in 82.8 billion yuan for the quarter, a 16.8 per cent year-on-year increase.
