Xiaomi 14T global launch fuels excitement for South African debut
Xiaomi has held its global launch of the highly anticipated Xiaomi 14T in Berlin – solidifying Xiaomi’s position as a global leader in technology and innovation.
The launch follows a remarkable Q2 2024 performance, where the company enjoyed robust growth across all key segments.
Quarterly revenue surged from R134.34 billion to R231.14 billion with an adjusted net profit of R15.2 billion and cash resources totalling R366.6 billion.
A significant highlight of the past quarter is Xiaomi’s Smart Electric Vehicle business, which achieved 27,307 global vehicle deliveries in Q2 2024.
The company is on track to meet its full-year delivery target of 100,000 vehicles ahead of schedule by November.
Expansion and premiumization strategy
Xiaomi’s premiumization strategy continues to yield impressive results.
The smartphone division hit a record high in revenue of R114.5 billion while performing 42.2 million smartphone shipments globally in Q2 2024.
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.
Furthermore, the company’s smartphone shipments rank in the top three across 58 countries and in the top five in 70 countries and regions worldwide.
Xiaomi now boasts a global market share of 14.6% – making it the fastest-growing brand in the top five regarding shipments.
South African 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 establishing itself as a major player in the region, further building excitement for the local Xiaomi 14T debut.
IoT and lifestyle
Xiaomi continues to break new ground in the IoT and lifestyle products segment and achieved global revenue of R65.9 billion.
The company saw global tablet shipments increase by 106%, ranking 5th globally, while 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 R20.4 billion, with overseas internet services generating R6.6 billion.
The global monthly active users reached 676 million – an 11.5% year-on-year increase – while the monthly active users in mainland China grew by 10.1% to 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.
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.
Click here to learn more about Xiaomi’s products.
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