Xiaomi is proud to announce the global launch of the highly anticipated Xiaomi 14T, recently unveiled in Berlin. As anticipation builds for the South African debut, Xiaomi continues to solidify its position as a global leader in technology and innovation, following a remarkable Q2 2024 performance.
Xiaomi’s success in its second quarter of the year reflects robust growth across all key segments as quarterly revenue surged from 70.9 billion to 88.9 billion RMB (134.34 billion ZAR to 231.14 billion ZAR) with an adjusted net profit of 6.2 billion RMB (15.2 billion ZAR) and cash resources totalling 141 billion RMB (366.6 billion ZAR).
Smart EV Business Milestone
A significant highlight is Xiaomi’s Smart Electric Vehicle (EV) business, which achieved 27,307 vehicle deliveries in Q2 2024. The company is on track to meet its full-year delivery target of 100,000 vehicles ahead of schedule, expected to be reached by November.
Expansion and Premiumization Strategy
Xiaomi’s premiumization strategy continues to yield impressive results. The smartphone division hit a record high in revenue, reaching 46.5 billion RMB (114.5 billion ZAR), with 42.2 million smartphone shipments globally in Q2 2024. Of these, premium smartphones accounted for 22.1% of total shipments, further advancing Xiaomi’s market position.
The brand has now ranked among the top three global smartphone brands for 16 consecutive quarters, and Xiaomi has secured the No. 2 spot in Latin America. The company’s smartphone shipments rank in the top three across 58 countries and in the top five in 70 countries and regions worldwide, with a global market share of 14.6%—the fastest-growing brand among the top five in terms of shipments.
South Africa Performance
In South Africa, Xiaomi continues its impressive growth. For Q2 2024, Xiaomi secured its position among the top three smartphone vendors, holding a 12%-unit share in the local market. With a remarkable 146% annual growth in South Africa, Xiaomi is firmly establishing itself as a major player in the region, further building excitement for the Xiaomi 14T debut.
Unleashing a Leading Advantage with Human, Car and Home Integration
Xiaomi continues to break new ground in the IoT and lifestyle products segment, with revenue of 26.8 billion RMB (65.9 billion ZAR). The company saw global tablet shipments increase by 106%, ranking 5th globally. Significant growth was also seen in smart large home appliances:
- Air conditioner shipments exceeded 3.3 million units
- Refrigerator shipments surpassed 600,000 units
- Washing machine shipments exceeded 400,000 units
The number of connected IoT devices on Xiaomi’s platform reached 822 million, while users with five or more connected devices climbed to 16.1 million.
Strong Internet Services Performance
Xiaomi’s internet services business also achieved strong profitability, with a record gross margin of 78.3%. Revenue from internet services totalled 8.3 billion RMB (20.4 billion ZAR), with overseas internet services generating 2.7 billion RMB (6.6 billion ZAR). The global Monthly Active Users (MAU) reached 676 million, an 11.5% year-on-year increase, while MAU in mainland China grew by 10.1%, reaching 164 million.
Looking Ahead
As Xiaomi prepares for the South African debut of the Xiaomi 14T, the company’s performance in Q2 2024 sets the stage for continued global expansion and innovation. With 87 new stores opened across 30 cities in China, Xiaomi’s commitment to growth and premiumization ensures a bright future as it pushes the boundaries of technology with its Human, Car and Home integration strategy.
For more information visit Xiaomi Global.
