The Chinese company Xiaomi revealed a 47.4% annual increase in revenue in the first quarter, at a time when the brand doubled its production of electric vehicles.
The revenue for the quarter ending March 31 was ¥111.3 billion, exceeding the average of 17 estimates from analysts consulted by LSEG. Adjusted net profit increased by 64.5% compared to the previous year, reaching ¥10.7 billion, above the average estimate of ¥8.96 billion.
The world’s third-largest smartphone manufacturer, whose product lines extend to home appliances and automobiles, announced last week the launch of the new 100% electric SUV, the YU7, which will hit the Chinese market in July.
Xiaomi did not disclose the price of the YU7, but suggested that the top-end versions will be more expensive than Tesla’s best-selling Model Y in China.
It is worth noting that Xiaomi entered the automotive sector last year with the sports car SU7, a model that by the end of 2024 surpassed the monthly sales of Tesla’s Model 3 in China. Xiaomi announced at the end of 2024 that SU7 deliveries exceeded 258,000 units since its launch.
