Xiaomi Reports Strong Q3 2024 Results, Fueled by Premiumization Strategy and Smart EV Business

TL;DR:

• Xiaomi’s Q3 2024 revenue reached a record high of RMB92.5 billion.
• The smartphone business experienced strong growth, with the Xiaomi 15 Series achieving significant sales.
• The IoT and lifestyle products business continued its upward trajectory, with increased shipments of air conditioners, refrigerators, and washing machines.
• Xiaomi’s smart EV business is gaining momentum, with the Xiaomi SU7 Series achieving significant milestones.

Xiaomi Corporation, a leading global technology company, has announced its financial results for the third quarter of 2024. The company reported robust growth across its core businesses, driven by a successful premiumization strategy and the emergence of its smart EV business.

Key Highlights from Q3 2024:

• Record Revenue: Xiaomi’s revenue for the quarter reached a record high of RMB92.5 billion, representing a year-over-year (YoY) increase of 30.5%.
• Strong Smartphone Performance: Xiaomi’s smartphone business continued to perform well, with shipments reaching 43.1 million units, up 3.1% YoY. The company’s market share in mainland China increased to 14.7%, driven by the success of the Xiaomi 15 Series.
• IoT and Lifestyle Products Growth: The IoT and lifestyle products business achieved a revenue of RMB26.1 billion, up 26.3% YoY. Key product categories like air conditioners, refrigerators, and washing machines witnessed significant growth.
• Smart EV Business Gains Momentum: Xiaomi’s smart EV business made significant strides, with the Xiaomi SU7 Series achieving a cumulative production of 100,000 units. The company also unveiled the Xiaomi SU7 Ultra, a high-performance electric vehicle with a top speed of 350 km/h.

Xiaomi’s Premiumization Strategy

Xiaomi’s premiumization strategy has been a key driver of its recent success. The company has focused on launching high-end smartphones and IoT products that offer premium features and design. The Xiaomi 15 Series, in particular, has been a major contributor to the company’s growth in the premium segment.

Looking Ahead

Xiaomi remains committed to innovation and technological advancements. The company is investing heavily in research and development to drive future growth. With a strong focus on its core businesses and emerging areas like smart EVs and AI, Xiaomi is well-positioned to capitalize on the growing opportunities in the global technology market.