In the first quarter of 2023, Xiaomi’s revenue fell by 19% compared to the same period last year. In this respect informs Bloomberg.
All divisions of the Chinese IT giant showed negative dynamics. The strongest revenue (24%) fell from smartphone sales. Analysts attribute this process to the weakening of the entire Chinese economy as a whole and the decrease in Xiaomi’s market share in the Indian smartphone market.
Bloomberg writes that now the full attention of Xiaomi management is focused on electric vehicles, a new business sector for the company. Xiaomi has planned a new prototype test of its electric car for next summer, and the product announcement will be made only in 2024.
The development of an electric vehicle requires large investments. The company understands this and is cutting costs in other areas. According to Bloomberg, the marketing department suffered the most in this regard.
Formerly socialbites.ca Wrote That Xiaomi introduced a 27-inch 2K monitor with a frequency of 165 Hz for 15 thousand rubles.