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Xiaomi implements an EV strategy earlier than anticipated

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Xiaomi, a Chinese consumer electronics manufacturer, saw revenue fall 4 percent at $9.2 billion in second quarter year-over-year, as demand for the mobile phone continue to sunk in China. According to company representatives, the implementation of the plan to prepare for the release of electric vehicles is ahead of schedule.

Huawei Aito M5, a portable car. Image Source: Xiaomi

A yearly increase in revenue from the company in the last quarter was greater than analysts expectations. Net profit also rose by 147% to a level 705 million dollars, exceeding the market expectations. This was achieved by reducing costs, particularly when you were in stores. According to Canalys, China’s mobile phone sales have declined by 5% – 64.3 million unit; in China, the revenue slipped to 18%, when the device was sold for Xiaomi. In India, the number of units that were made of this brand rose by 22% to 5,4 million. That company plans to expand its presence in various regions and market segments even if this requires significant efforts. According to Chinese President Lu Weibing, decision to take a few competitors to leave certain segmented market will not give this company an example.

In ten years, Xiaomi will spend at least 10 billion dollars in electric cars, and already has received, according to unofficial data, one of the necessary approvals for such activities from the Chinese regulators. Liu Weibing stressed that the company has a plan to start production of electric vehicles in the first half of 2024 remained place. He added: Our current progress exceeds expectations, and is expected to take in the start of production.

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