Xiaomi’s gross profit margin for mobile phones dropped to 14.8% in the first quarter, and cars challenged 120000 units for the whole year

On May 23, Xiaomi Group announced its performance for the first quarter ending March 31, 2024. The financial report showed that Xiaomi’s revenue for the quarter was 75.507 billion yuan, a year-on-year increase of 27.0%; The adjusted net profit was 6.491 billion yuan, a year-on-year increase of 100.8%. It is worth noting that the gross profit margin of Xiaomi’s smartphone division decreased from 16.4% in the fourth quarter of 2023 to 14.8%, mainly due to the increase in core component costs and an increase in inventory impairment provisions. Xiaomi Group’s partner and president, Lu Weibing, said, “Regarding new energy vehicles, the company is also developing other models. In terms of delivery targets, delivering 100000 units is a guaranteed target, challenging the annual delivery of 120000 units.”

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