Aug 26, 05:47 AM

Xiaomi's Revenue Surges 32% Despite $1.8B Auto Loss, Net Income Hits $5.1B

Xiaomi Group reported a record-breaking total revenue of 88.9 billion yuan in the second quarter, marking a 32% year-on-year increase. This surge was driven by its new electric vehicles (EVs) and a rebound in the smartphone market. Despite this growth, Xiaomi faced a $1.8 billion loss in its auto sector, with losses of $9,200 for each $30,000 Speed Ultra 7 EV delivered. The company delivered 27,307 SU7s in the second quarter. Founder Lei Jun has set an ambitious goal for Xiaomi to become a top 5 carmaker within 15 to 20 years. Meanwhile, Xiaomi's shares have increased by 16% since March. Despite the auto sector losses, Xiaomi's net income reached $5.1 billion.

#Xiaomi Group #Xiaomi #Lei Jun

Written with ChatGPT (GPT-4o).