Chinese smartphone manufacturer Xiaomi increased sales by 11 percent thanks to strong demand

Xiaomi beats expectations.

Chinese smartphone manufacturer Xiaomi increased fourth-quarter sales 10.9 percent year-on-year to 73.24 billion yuan, beating estimates. It was helped by stronger demand at a time when the smartphone market is reviving. The company, which will start selling its first electric car, the SU7, in China next week, said in a statement today.

Growing success

Adjusted net profit rose 236.1 percent to 4.9 billion yuan. This also beat analysts’ expectations, who had estimated profit at 3.89 billion.

“As we had expected, overall smartphone sales in the second half of 2023 were better than the first half,” Xiaomi President Lu Wei-ping said in a conference call. “The global consumer electronics market continues to show a trend of gradual recovery,” he added.

Global sales of Xiaomi smartphones rose 23 percent year-on-year to 40.7 million units in the fourth quarter, according to data from research firm Canalys. That puts China’s Xiaomi in third place globally with a market share of 13 percent.

Future plans with SU7

In China alone, which is Xiaomi’s largest market, sales increased 12 percent to 9.5 million phones. This puts the company in fifth place in the vendor rankings with a market share of 13 percent as well.

Xiaomi has said it wants its SU7 to become one of the top three best-selling electric cars in China, competing with the US Tesla and Chinese rival BYD. China’s EV market is the world’s largest. EV sales there rose 18 percent year-on-year in January-February, and 21 percent for the whole of last year.

Source: Czech Press Office


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