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☆ China's Xiaomi is selling more EVs than expected, raising hopes it can break even sooner
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

The Xiaomi SU7 on display at the Mobile World Congress 2024. Arjun Kharpal | CNBCBEIJING — Chinese smartphone company Xiaomi 's new electric vehicle is selling better than expected, putting it closer to break-even despite undercutting Tesla 's Model 3 on price. For context, Tesla China sold more than 600,000 cars last year, according to the China Passenger Car Association. Li Auto had a gross margin of 23.5% in the fourth quarter last year, while Nio's gross margin was 7.5%, both up from the year-ago period. Tesla's gross margin has successively declined over the past five quarters to 17.4% in the first three months of this year.

Persons: Arjun Kharpal, undercutting Tesla, Xiaomi, Lei Jun, Li Auto, Nio, Lei Organizations: Mobile, CNBC BEIJING, Citi, China Passenger Car Association, Li, CNBC Locations: Beijing, China

☆ China's Xiaomi will price its Tesla EV rival under $69,400, CEO says ahead of Thursday launch
▼ + stars: | 2024-03-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On Thursday, Xiaomi will officially launch the SU7 electric vehicle and begin taking orders. Xiaomi CEO Lei Jun on Monday teased the price of the Chinese firm's first electric vehicle ahead of its official launch this week. Xiaomi Group President Weibing Lu told CNBC previously that the company is targeting the premium segment of the electric car market. The EV market is in the midst of a price war which was sparked by Tesla at the end of 2022. "Three years ago, I announced that Xiaomi was going to enter the EV market.

Persons: Xiaomi, Lei, Lei Jun, Weibing Lu, Li Auto, Tesla Organizations: Weibo, Xiaomi, CNBC, stoke, EV Locations: Hefei, Anhui Province, China, Xiaomi

☆ Apple spent 10 years trying to launch a car. China's Xiaomi just did it in 3.
▼ + stars: | 2024-03-13 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Xiaomi CEO Lei Jun. Advertisement"As we approach the 3rd anniversary of our EV-manufacturing journey, 'Fight for Xiaomi EV' continues to fuel me and the team. Like Apple, Xiaomi is best known for selling smartphones. So it's worth asking how Xiaomi has managed to do what Apple spent the best part of a decade trying to do. Xiaomi CEO Lei Jun unveils the SU7, the company's first electric car.

Persons: —, Lei Jun, ChinaFotoPress, Lei, Xiaomi, Apple, BYD, Tim Cook Organizations: Service, Apple, Business, EV, Counterpoint Research, Bloomberg, Beijing Automotive Group, BAIC, FLORENCE LO, REUTERS Locations: China, Beijing, Arizona, FLORENCE, Cupertino

☆ China's Xiaomi launches high-end phone in Samsung challenge and debuts EV in Europe
▼ + stars: | 2024-02-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article 1810-HK Follow your favorite stocks CREATE FREE ACCOUNTThe Xiaomi 14 Ultra. XiaomiBARCELONA — Xiaomi launched its flagship smartphone globally on Sunday as it looks to keep up its recovery momentum, while also debuting its electric vehicle for the first time in Europe. The Chinese electronics giant launched the Xiaomi 14 for global markets at Mobile World Congress in Barcelona, after debuting it this week in China. Last year, Xiaomi launched its first electric vehicle, the SU7, opening up a new product category for the Chinese giant. The company also launched the Smart Band 8 Pro, Xiaomi Watch S3, and Xiaomi Watch 2 – a smart fitness band and two smartwatches.

Persons: Xiaomi Organizations: HK, Mobile, Apple, Samsung, IDC, Huawei, MWC, Smart Locations: BARCELONA, Europe, Barcelona, China

☆ Apple overtakes Samsung as top seller of smartphones
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +1 min

The new Apple iPhone 15 on display inside the tech giant's flagship store in Regent Street, central London. A slower-than-expected recovery in China, the world's largest smartphone market, also weighed on overall phone sales. Apple and Transsion were the only brands in the top five to record growth in shipments last year, when the market declined 3.2% to 1.17 billion units and hit a decade low. Apple, however, is facing pressure in China from a resurgent Huawei as well as from budget Chinese brands. The iPhone-maker is offering rare discounts of as much as 5% on some models in the country to attract customers.

Persons: Jonathan Brady, Apple, China's Xiaomi Organizations: Apple, Samsung Electronics, International Data Corp, Samsung, IDC's, Huawei Locations: Regent Street, London, China

☆ China's Xiaomi unveils its first EV as it looks to compete with Porsche, Tesla
▼ + stars: | 2023-12-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China's oversaturated electric vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop. Pronounced "Sue Qi" in Mandarin, the Xiaomi SU7 beats Porsche's Taycan and Tesla's Model S on acceleration and other metrics, Lei said during a three-hour presentation Thursday. This is an area of potential advantage for Xiaomi, which is best known for its smartphones and home appliances and previously said it wants to create a "'Human x Car x Home' smart ecosystem." The SU7 is integrated with Xiaomi's smartphones and internet-connected home appliances, Lei announced Thursday. Lei said the vehicle will also be compatible with Apple 's iPhone, iPad, CarPlay and AirPlay.

Persons: Lei Jun, Sue Qi, Porsche's Taycan, Lei Organizations: Tesla, Porsche, BMW, Mercedes, Benz, Apple Locations: BEIJING, U.S

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

☆ Exclusive: China's Xiaomi wins state planner nod to make EVs amid glut in autos
▼ + stars: | 2023-08-23 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. Xiaomi, which owns the world's third largest smartphone brand by shipments, did not immediately respond to a request for comment. Xiaomi plans to produce about 100,000 EVs next year, said one of the sources. But Xiaomi, which reported an 18.9% drop in its latest quarterly revenue in May, has its own compulsions for foraying into EVs. Xiaomi plans to use the thousands of stores it has as showrooms for its electric cars, Reuters previously reported.

Persons: Francis Mascarenhas, HONG KONG, Xiaomi, Tesla, NDRC, MIIT, Lei Jun, Julie Zhu, Muralikumar Organizations: REUTERS, Xiaomi Corp, HK, National Development, Reform Commission, EV, Ministry of Industry, Reuters, Lucid, Beijing Daily, China Passenger Car Association, Thomson Locations: Mumbai, India, HONG, Beijing, Shanghai, Reuters U.S, China, China ., EVs

But while 44% of India's smartphones sales are now online, the brick-and-mortar segment remains the bigger play and Xiaomi expects it to grow further. "Our market position in offline is substantially lower than what it is online," Xiaomi's India head, Muralikrishnan B., said in an interview on Friday. The South Korean giant has a 20% market share in India, while Xiaomi, which historically focussed on budget phones, has 16%. Xiaomi plans to hire more store promoters - salespeople who lure, pitch and sell phones to prospective buyers inside outlets. Another significant India challenge for Xiaomi is a federal agency's $673 million freeze on its bank assets since last year.

Persons: Xiaomi, Flipkart, Muralikrishnan, Tarun Pathak, We'll, Aditya Kalra, Munsif Vengattil, William Mallard Organizations: DELHI, HK, South, Samsung, Research, Thomson Locations: India, Hong Kong

☆ Xiaomi demands payout from supplier after car designs leaked
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 2 (Reuters) - China's Xiaomi <1810.HK) said on Thursday it had imposed a 1 million yuan ($149,000) penalty on a supplier after it leaked early design drafts of an upcoming car model. Xiaomi did not disclose the name of the company and Reuters could not identify it. As punishment, the smartphone-turned-car maker said it would impose "economic compensation" of 1 million yuan ($148,763) on the supplier. The spokesperson added it had instructed the supplier to strengthen its information security management, and develop plans to upgrade its confidentiality measures. The company has said it hopes to reach mass production of its cars in the first half of 2024.

☆ China smartphone maker Xiaomi to slash 15% of jobs - South China Morning Post
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in several units of its smartphone and internet services business, reducing its workforce by about 15%, the South China Morning Post reported on Tuesday. The Hong Kong newspaper cited social media posts by affected employees and local Chinese media, saying China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said. read moreReporting by Donny Kwok; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Smartphone maker Xiaomi to slash 10% of jobs amid China's COVID battle
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - China's Xiaomi Corp (1810.HK) has started laying off workers in its smartphone and internet services business, joining a long list of Chinese tech firms cutting jobs as the country battles COVID-19 outbreaks. China's social media platforms, including Weibo, Xiaohongshu and Maimai, have been flooded with posts about the job cuts this week. Chinese local media first reported on Monday that the job cut would affect 15% of Xiaomi's payroll, citing unnamed sources. Xiaomi in November reported a 9.7% fall in third-quarter revenue, hit by China's COVID-19 restrictions and softening consumer demand. Revenue from smartphones, which make up roughly 60% of its total sales, fell 11% year-on-year, Xiaomi said.

☆ Morning Bid: Land of the rising yields
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. In the last major central bank set-piece of the year, the BOJ raised its long-standing cap on 10-year Japanese government bond yields by quarter of a percentage point to 0.5% - sending those yields and the yen surging and squeezing stocks further. Yet most investors felt that was only likely when BOJ chief Haruhiko Kuroda stepped down in April. Japan's 10-year bond yields immediately almost doubled close to the new 0.5% target, with U.S. Treasury and European sovereign debt yields rising in their slipstream. Apart from the timing, the BOJ move marks a significant moment in draining the world economy of central bank liquidity pumped in to support economies during the pandemic.

A man takes a picture of a friend in front of a sign showing installation of the 5G network in New Delhi, India, October 3, 2022. The agenda includes holding talks "to prioritise" and release software upgrades for supporting the high-speed network, the notice for the closed-door meeting stated. Airtel's website on Tuesday showed "Apple yet to update software" for all of Apple iPhones' 12 to 14 models under its 5G compatible section. A third source with direct knowledge of the issue said Apple was in the process of testing and validating different 5G offerings from network providers in India. Lack of 5G software upgrades has already irked users.

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