Xiaomi Su7, photo: Joan Cros / Nurphoto / Shutterstock Editorial / Profimedia
Xiaomi company in China, one of the most important in the phone industry, reported an annual increase of 47.4% of the revenues from the first quarter. The growth comes after, last year, the company intensified its efforts in the production of electric vehicles, reports Reuters.
The revenues for the quarter ended on March 31 were 111.3 billion Yuan ($ 15.48 billion), exceeding the average of 17 analysts presented by LSEG (London Stock Exchange group), which was 107.6 billion Yuan ($ 14.96 billion).
The adjusted net profit increased by 64.5% compared to the previous year, reaching 10.7 billion Yuan ($ 1.49 billion) and exceeding the average estimate of 8.96 billion Yuan ($ 1.25 billion), according to LSEG data.
The third largest manufacturer of phones in the world, which also produces appliances and cars, announced last week the latest electric SUV model, YU7, which will be available for sale since July.
Xiaomi did not reveal the price of the YU7 model, but suggested that it could cost with 60,000-70,000 yui (8,340–9,730 dollars) more than model Y, the best -selling model of Tesla, which is sold from 263,500 yui ($ 36,574).
Xiaomi entered the car market last year with its Su7 sports model, inspired by the Porsche design and which is below model 3 from Tesla as a price.
Since December, Su7 has been sold monthly in China better than model 3 from Tesla. The founder of the company, lei Jun, said last week that Su7 deliveries exceeded 258,000 units since launch.
The electric vehicle division generated revenues of 18.1 billion yuans ($ 2.52 billion) in the first quarter, with 75,869 Su7 sedan delivered. The adjusted net losses associated with the production division of electric cars and other new initiatives were 0.5 billion yuan ($ 69.6 million).
Orders for the new models of company electric cars decreased after an accident that resulted in a victim, at the end of March, in which a Su7 was involved in driving assistance, according to analysts. The problems were aggravated by customers' complaints on misleading advertising. Xiaomi apologized earlier this month for a promotion “not clear enough”.
However, Xiaomi shares have been recovering from April, with the company reaching a market value of about $ 170 billion. Larger than Byd, the largest manufacturer of electric cars in China, according to LSEG data.
