Smartphone maker Xiaomi’s second quarter revenue rose a record 64% from a year earlier, it said on Wednesday, as it capitalised on US sanctions against rival Huawei Technologies.
Chinese smartphone maker Xiaomi overtook Apple in the second quarter to become the world’s second largest smartphone maker, market research firm Canalys said in a report on Thursday.
Promoted | The company also debuted the Mi Smart Band 6, the latest edition in its best-selling wearable product line.
Xiaomi’s quarterly profit beat estimates after the world’s third largest smartphone maker narrowed the gap with market leaders Samsung Electronics and Apple in shipments.
Huawei Technologies has appointed Richard Yu, the outspoken leader of its consumer electronics business, as CEO of its smart car solutions unit, signalling the importance it places on future auto tech.
Xiaomi and the US government have reached an agreement to set aside a Trump administration blacklisting that could have restricted American investment in the Chinese smartphone maker.
Samsung Electronics has snatched back the crown from Apple as the world’s biggest smartphone producer, accounting for a fifth of overall global sales in the first quarter, market research firm Canalys said.
Xiaomi plans to invest about $15.3-billion over the next three years to manufacture electric cars, embarking on its biggest-ever overhaul to enter China’s booming EV market.
A global shortage of chips that has rattled production lines at car companies and squeezed stockpiles at gadget makers, is now leaving home appliance makers unable to meet demand.
China’s Xiaomi plans to make electric vehicles using Great Wall Motor’s factory, said three people with direct knowledge of the matter, making it the latest tech firm to join the smart mobility race.