Chinese smartphone maker Xiaomi posted a net profit of 8.2 billion yuan in the second quarter of 2021, up 84 percent from a year earlier, according to the report on the 26th.
Citing Xiaomi’s second-quarter settlement announced on the previous day, the media reported that sales also reached 87.7 billion yuan, up 64 percent from the same period last year. It exceeded market expectations of 84.5 billion yuan.
It hit an all-time high in the quarter. Despite the shock of COVID-19, sales in overseas businesses increased by 82%. In total, 49.7 percent of overseas businesses account for the total sales.
In the second quarter, Xiaomi’s smartphone sales surpassed Huawei Technology and Apple, which are struggling due to all-out pressure from the U.S., to become the second-largest in the world after Samsung Electronics.
According to market research Canalys, Xiaomi’s share of global smartphone markets in the second quarter expanded 83% compared to the same period last year. Shipments are 52.8 million units.
Xiaomi is aiming to surpass Samsung Electronics and become the world’s No. 1 player within three years.
In a video conference, Xiaomi President Wang Xiang made it clear that there is room for growth in Latin America, Asia-Pacific and Africa, in addition to Europe, which ranked first in the smartphone world.
He also expressed his willingness to enter the U.S. market, which is struggling to develop its business due to the U.S.-China confrontation, saying, “I am paying close attention and will present the U.S. business plan in due time.”
Regarding expanding its business with EVs, Wang Xiang said, “We have already secured more than 500 people,” adding that he acquired startup Sun Dong-gwa-gi, which develops self-driving technology, for 77.37 million dollars.
President Wang Xiang then announced that he would accelerate the development of Level 4 technology (which can be fully self-driving under certain circumstances) and speed up the timing of EV shipments.
“We are discussing with executives of automotive companies in various sectors, including Hungda, but we have yet to reach an agreement,” Wang Xiang said on the transfer of electric vehicles to the Chinese real estate group, which suffers from liquidity crisis.
