Xiaomi's financial statement for the second quarter of 2024 is expected to be released on August 21.
It is worth noting that Xiaomi's first electric vehicle, the SU7, was announced at the end of March, with the second quarter being its first complete sales quarter. The public's attention is on the performance of its automobile sales and whether there are any new strategies to be revealed.
In addition, although Xiaomi's mobile business has been experiencing extreme pressure recently in the Chinese market, it has discovered new treasure troves in others including Japan, India, and the Middle East. Whether it would be able to further raise its mobile sales performance and how it would increase high-end mobile sales are also points that have drawn the public's attention.
From its release of the SU7 to July, Xiaomi has completed 10 thousand vehicle deliveries with the MAX model being the most popular. Xiaomi is aiming to complete its goal of delivering 120 thousand vehicles in 2024.
Although Xiaomi's automotive business is still in its early stages, it has already set itself up for global expansion. In addition to making plans to push its automotive business into the European market, it also hopes to squeeze into the global top five car manufacturers within fifteen to twenty years.
In addition, Xiaomi achieved CNY46.49 billion (US$6.5 billion) for its mobile revenue in the first quarter of 2024 with 40.6 million shipments. According to Omdia's compilation, global mobile phone shipments achieved 290 million units in the second quarter, a 9.3% year-on-year increase. Xiaomi achieved 42.3 million mobile shipments in the second quarter, a slight increase from the first quarter.
Those in the industry believe that the main reason why Xiaomi's mobile shipment performance rose in the second quarter was due to its recent success within markets including Japan, the Middle East, Latin America, and India.
Despite Xiaomi's sales not performing as well as brands like Vivo, Honor, and Oppo in the Chinese market, Xiaomi's mobile sales are second only to Samsung Electronics in areas such as Latin America and the Middle East. In addition, it has reclaimed its throne for number one mobile sales in the Indian market.
What is worth paying attention to is that despite the arrival of the off-season for mobile sales in the second quarter, Xiaomi's overall mobile sales have increased. However, it appears that Xiaomi still needs to find a way to raise its market share by utilizing the popularization of AI-assisted mobile phones and formulating strategies to deal with the highly competitive Chinese market.
Additionally, different from its performance in China where sales of products other than mobile phones have taken up 50% of its revenue there, 80% of its overseas sales still come from mobile products. As such, to expand its IoT ecosystem, it can be expected that Xiaomi will focus on accelerating the replication process of its new retail model in China to overseas markets.
