Xiaomi’s revenue fell to 67.4 billion yuan ($9.2 billion) from 70.17 billion yuan in the same period last year. However, net income rose an impressive 147% to 5.14 billion yuan, thanks to cost-cutting measures and “boosting efficiency” in physical stores.
Faced with a shrinking smartphone market, Xiaomi is gaining momentum in electric vehicle production. The company plans to invest $10 billion in the automotive business over the next ten years. Xiaomi President Lu Weibing emphasized that despite the global economic challenges, progress in the development of electric vehicles exceeded initial expectations.
Source: Ferra
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