Xiaomi reports record first-quarter revenue as it launches new electric SUV
By Che Pan and Brenda Goh
BEIJING: China's Xiaomi on Tuesday reported record first-quarter revenue and profit, as the company said its ongoing shift towards higher-end products from smartphones to home appliances was already paying off.
Revenue for the quarter ended March 31 was 111.3 billion yuan ($15.48 billion), up 47% year-on-year and beating the 107.6 billion yuan average of 17 analyst estimates compiled by LSEG.
Adjusted net profit rose above 10 billion yuan for the first time, jumping 65% year-on-year to 10.7 billion yuan, ahead of the average estimate of 8.96 billion yuan, according to LSEG data.
Xiaomi President Lu Weibing told a conference call with reporters that Xiaomi's strategy to focus on high-end products had yielded positive results.
The world's third-largest smartphone maker, whose product lines also extend to cars, announced its latest electric SUV, the YU7, last week, which it will start selling in July. Lu said feedback on the YU7 indicated it could have a broader target market than its previous model, the SU7.
The company did not disclose the price of the YU7 but suggested its better configurations should make the car 60,000-70,000 yuan more expensive than Tesla's best-selling Model Y, which is expected to be its strongest competitor and is priced from 263,500 yuan ($36,574). Xiaomi's EV business generated 18.1 billion yuan in revenue during the first quarter, delivering 75,869 SU7 sedans.
It posted an adjusted net loss related to its EV and other new initiatives of 0.5 billion yuan. Its new EV orders have fallen since a fatal highway crash at the end of March involving an SU7 in driving-assistance mode, analysts have said.
Its problems have been compounded by customer complaints of false advertising. Xiaomi apologised earlier this month for "not clear enough" marketing. Still, the company's shares have rebounded since April, giving it a market value of about $170 billion, higher than the roughly $161 billion commanded by BYD , China's biggest EV maker, LSEG data show.
Xiaomi's first-quarter global smartphone shipments rose 3% from a year earlier to 41.8 million handsets, ranking it third globally, with a market share of 14.1%, according to its latest financial report citing data from researcher Canalys.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
37 minutes ago
- Time of India
Tesla sales continue to fall in Europe's largest car market, here's the Chinese EV company hurting Tesla
Tesla sales in Germany , Europe's largest car market, plummeted by 36.2% in May, marking the fifth consecutive month of decline, according to data released by the German Federal Motor Transport Authority (KBA). The agency reported that Tesla registered just 1,210 new vehicles last month, down from the same period a year ago. Despite Tesla's struggles, the overall market for battery electric vehicles (EVs) in Germany surged by 44.9%, driven by strong demand for competitors, notably Chinese automaker BYD. The decline in Tesla's sales extends beyond Germany, with significant drops across other European markets. In France, Tesla's registrations fell by a staggering 67%, while Spain saw a 29% decrease. In Sweden, Tesla's sales dropped 53%, with Volkswagen's new electric model, the ID.7, outselling Tesla's revamped Model Y by nearly two to one. Norway was a notable exception, where Tesla sold 2,600 vehicles—more than triple the previous year's figures—boosted by strong deliveries of the updated Model Y. Chinese EVs are hurting Tesla Meanwhile, Chinese EV giant BYD has been gaining ground in Europe. In Germany, BYD's sales soared ninefold to 1,857 units in May, making it the top-performing Chinese EV brand in the market. This growth comes despite the European Union imposing 17% tariffs on Chinese EVs in 2024. Across Europe, the appetite for electric vehicles remains robust, with Spain reporting a 72% increase in overall EV sales, even as Tesla's figures slid by 19%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unfriendliest Countries in the World, Ranked TheDaddest Undo Analysts attribute Tesla's declining sales to a combination of factors, including growing competition from Chinese manufacturers and controversy surrounding CEO Elon Musk 's political activities, which have sparked protests among some European consumers. As the EV market continues to expand, Tesla faces mounting pressure to regain its footing in key markets. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 hours ago
- Time of India
Elon Musk's Tesla may face zoning violations after over 100 Cybertrucks found parked at closed shopping mall
Representative Image Elon Musk's Tesla may face zoning violations in Michigan after more than 100 unsold Cybertrucks were found parked at a closed shopping centre. The accumulation of these vehicles at Hunter's Square shopping centre in Farmington Hills has prompted concerns from local authorities regarding adherence to zoning regulations, a report claims. Over the past several weeks, residents and social media users have reportedly posted images and videos showing numerous rows of Cybertrucks at the site on Orchard Lake Road. The location is adjacent to a Tesla service centre in West Bloomfield. This proximity has led to speculation that the shopping centre lot is being used as an overflow site to manage unsold inventory, as over 100 Cybertrucks have reportedly gathered in the space. What Tesla and Michigan authorities said about the parked Cybertrucks In a statement to CBS Detroit, Tesla employees collecting the trucks said the property belongs to the same entity that operates the nearby service centre, and that the vehicles were intended for customer delivery. However, the City of Farmington Hills has raised concerns over this explanation. Charmaine Kettler-Schmult, the city's planning and community development director, told CBS Detroit: 'The City of Farmington Hills code enforcement office has been in communication with the Hunter's Square shopping centre management to resolve the issue. They have been notified that storage of vehicles is not a permitted use. The enforcement process is being followed and takes time.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mix 4 Kitchen Ingredients, Wake Up Thinner Every Morning insightcuriositycentral Learn More Undo As per the report, Tesla is struggling to sell its Cybertruck, with under 50,000 units delivered since launch, which is far below its 250,000-unit annual projection. In Q1 2025, only 6,000 units were sold. Inventory has built up to an estimated 10,000 unsold trucks, prompting Tesla to scale back production and shift workers to Model Y lines, the report adds. The vehicle has faced eight recalls, including one affecting nearly all units sold. Sales have also reportedly dipped amid backlash over Elon Musk's political involvement, though Tesla stock has recently rebounded after a sharp decline. Stay ready with these 7 essential medical gadgets as COVID cases rise AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 hours ago
- Time of India
White House press secretary Karoline Leavitt on Elon Musk's criticism of Trump's One Big Beautiful Bill: ‘It doesn't change the…'
Elon Musk recently criticised the Trump administration 's ' One Big Beautiful Bill ' calling it 'a disgusting abomination'. In a post on X, the Tesla CEO said 'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.' He further added 'Shame on those who voted for it: you know you did wrong. You know it.' Following Musk's criticism, White House has defended the bill. At a press conference earlier today, White House press secretary Karoline Leavitt was asked by a Fox reporter, 'How mad do you think President Trump would be when he finds out what Elon Musk said?' Leavitt replied, 'The president already knows where Elon Musk stood on this bill. It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it.' What is One Big Beautiful Bill by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dukung Orang Terkasih Menghadapi Limfoma: Mulai Di Sini Limfoma Baca Undo The legislation, dubbed the 'One, Big, Beautiful Bill' by Trump, was narrowly passed by the House last month. It includes extensions of the 2017 Tax Cuts and Jobs Act , alongside new spending allocations for border security and the military. However, the bill has drawn sharp criticism for its projected impact on the federal deficit, with the Congressional Budget Office (CBO) and independent analysts estimating it could add between $2.3 trillion and $5 trillion to the deficit over the next decade. To offset some of the costs, Republicans have proposed cuts to Medicaid, food stamps, and green-energy tax credits. Elon Musk warns America will go bankrupt The tech billionaire has long warned of the national debt as an 'existential threat'. In his latest remarks, he said that the bill 'will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America[n] citizens with crushingly unsustainable debt.' 'This immense level of overspending will drive America into debt slavery!,' he wrote in another post. Last month, Musk expressed his disappointment with the bill. In a CBS interview, he said 'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just fails to decrease it'. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
