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☆ Xiaomi targets 20 million premium users for its new electric vehicle, says president
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXiaomi targets 20 million premium users for its new electric vehicle, says presidentLu Weibing, partner and president of Xiaomi, says "we think it's a good starting point for us in the premium segment because we have already 20 million premium users in China based on the smartphone."

Persons: Lu Weibing, Xiaomi Locations: China

☆ Xiaomi Q3 net income jumps on cost savings, revenue rises
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. The company's sales for the period totalled 70.9 billion yuan ($9.83 billion), beating an average estimate of 70.2 billion yuan from 13 analysts polled by LSEG. Net income jumped by 183% from a year earlier to 6 billion yuan thanks to lower component costs and efficiencies across the business, compared to a consensus estimate of 4.6 billion yuan. Xiaomi, China's fifth-largest smartphone brand, shipped 9.1 million devices in China during the latest quarter, according to industry research firm Canalys. Though that was little changed from a year earlier, Xiaomi outperformed peers, with overall industry sales dropping 5% year on year, according to Canalys.

Persons: Nacho, Lu Weibing, Xiaomi, Xiaomi's Lu, Yelin, Brenda Goh, Jacqueline Wong, David Goodman, Jan Harvey Organizations: REUTERS, Rights, Xiaomi Corp, HK, LSEG, BAIC, Thomson Locations: Barcelona, Spain, Rights BEIJING, China, Beijing, Yelin Mo, Shanghai

☆ BAIC unit applies for approval to build Xiaomi-branded EVs in China
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +3 min

People clean the floor at the stall of the BAIC Group automobile maker at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - A unit of Beijing-based automaker BAIC Group <1958.HK> has applied to regulators for approval to build two Xiaomi-branded <1810.HK> electric vehicles (EVs), China's industry ministry website showed on Wednesday. The filing indicates that BAIC will be the manufacturer for these two models, even though Xiaomi has built a plant that can produce 200,000 EVs annually in Beijing. The new EVs will be built at a site that is the same address as the Xiaomi plant, China Business News reported. Both BAIC and Xiaomi did not immediately respond to requests for comment on the EV applications.

Persons: Thomas Peter, Xiaomi, ORV, Max, Lu Weibing, Qiaoyi Li, Zhang Yan, Brenda Goh, Mo Yelin, Muralikumar Anantharaman, Kim Coghill Organizations: BAIC Group, New Energy Vehicles Exhibition, REUTERS, Rights, BAIC, HK, CATL's, Ministry of Industry, China Business News, STAR, Reuters, Tesla Inc, Lucid, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai

☆ Xiaomi revenue drops but EV strategy ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. "Despite the macroeconomic headwinds in the global market we continue to expand our footprint," Xiaomi President Lu Weibing said on an earnings call. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," he said.

Persons: Lu Weibing, Lu, Stringer, Canalys, David Kirton, Mo Yelin, Louise Heavens, David Holmes Organizations: Xiaomi Corp, HK, REUTERS, Reuters, Thomson Locations: SHENZHEN, China, Shenyang, Liaoning province, India, Shenzhen, Mo, Beijing

☆ Xiaomi president says ev manufacturing plans ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: 1 min

A 3D printed Xiaomi logo is seen in this illustration taken, September 30, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHENZHEN, China, Aug 29 (Reuters) - Xiaomi Corp (1810.HK) President Lu Weibing said on Tuesday that the company's plans to start mass production of electric vehicles (EVs) in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," Lu said on a company earnings call. Reporting by David Kirton; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Lu Weibing, Lu, David Kirton, Jason Neely Organizations: REUTERS, Rights, Xiaomi Corp, HK, Thomson Locations: Rights SHENZHEN, China

☆ Chinese smartphone maker Xiaomi's revenue and profit slides
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, March 24 (Reuters) - Chinese smartphone maker Xiaomi Corp (1810.HK) on Friday reported a record drop in fourth-quarter revenue as the company weathered a slowdown in consumption and disruptions due to China's COVID-19 curbs. Xiaomi's sales in the fourth quarter of 2022 reached 66.05 billion yuan ($9.6 billion), down 22.8% from 85.58 billion yuan a year earlier. Net income fell to 1.46 billion over the period, down 67.3% from 4.473 billion yuan a year earlier. The company's revenue for 2022 was 280.04 billion yuan, a drop of 14.7%, while net income came in at 8.52 billion yuan, down 61.4%. China's smartphone sales endured a record fall in 2022, down 14% to 287 million units, Canalys data shows.

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