Xiaomi Corp reported stronger-than-expected third-quarter revenue for 2024, buoyed by the success of its electric vehicle (EV) business, particularly its SU7 model. Total revenue rose to RMB 92.5 billion ($12.6 billion), marking a 30.5% increase year-over-year, with growth seen across both its smartphone and AIoT segment and its EV and new initiatives segment.
“In the third quarter of 2024, we achieved record revenue and solid earnings growth,” Xiaomi stated. “Revenue from our smartphone × AIoT segment reached RMB 82.8 billion, up 16.8% year-over-year, while our smart EV and other new initiatives segment contributed RMB 9.7 billion.”
The company reported an adjusted net profit of RMB 6.3 billion, a 4.4% year-over-year increase, although its EV and new initiatives recorded an adjusted net loss of RMB 1.5 billion.
Xiaomi delivered 39,790 units of its SU7 EV in the third quarter and has delivered a total of 67,157 units as of September 30. October sales further boosted momentum, with over 20,000 SU7 units delivered. As a result, the company raised its 2024 delivery target to 130,000 vehicles.
Xiaomi also announced advancements in autonomous driving technology. “On October 30, 2024, we started pushing the City Navigate on Autopilot (City NOA) for all users of the Xiaomi SU7 Pro and the Xiaomi SU7 Max in mainland China,” the company said. Additionally, Xiaomi plans to launch the pioneer version of its full-scenario Hyper Autonomous Driving (HAD) solution by December 2024.
The results underscore Xiaomi’s strategic diversification into EVs and intelligent driving technologies, which are expected to remain key drivers of growth in the coming quarters.
