56 Xiaomi Corporation is setting a more ambitious target for its electric vehicle (EV) sales this year. The Chinese tech giant now aims to deliver 120,000 units of its SU7 electric car, up from their previous target of over 100,000. This increased target reflects strong demand for the SU7, launched in March 2024. Orders reached nearly 90,000 by the end of April, and Xiaomi is confident of delivering 10,000 units in June alone. Xiaomi’s push into EVs comes as the company seeks to diversify its revenue stream beyond smartphones, which currently make up over 60% of their income. The smartphone market, particularly in China, has experienced sluggish growth recently. However, there are signs of a smartphone market recovery worldwide. Xiaomi’s smartphone shipments grew 34% last quarter, narrowing the gap with competitors like Samsung and Apple. Looking ahead, Xiaomi is developing a new SUV similar to Tesla’s Model Y, with a potential launch date in 2025. Analysts predict the EV business could contribute a mid-to-high single-digit percentage to Xiaomi’s revenue in 2024. The company also plans to expand its EV sales network to 219 stores across 46 cities by year-end. You Might Be Interested In CyberArk to Acquire Venafi in $1.5 Billion Deal Noble to Acquire Diamond Offshore Drilling in $1.59 Billion Deal Silverlake Axis expands in Indonesia with Bank Mantap partnership Nvidia Earnings Could Drive $200 Billion Swing in Shares, Options Indicate Stocks Retreat as Tech Stocks Fall on Weakness in Oracle and Apple Industry Leaders Warn of Impending AI Revolution as Threat to Humanity
