Xiaomi Generates Record Revenue and Will Expand To Autonomous Cars

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Chinese automaker Xiaomi has released the company’s financial report for the second quarter of fiscal year 2021, as well as the company’s expansion into the self-driving car sector.

Overall, the brand saw revenue growth of 64% over the same period last year — a company record for the second quarter, amassing $13.56 in sales alone and beating all market expectations.

The smartphone division’s revenue was $9.1 billion, while that of home devices and the Internet of Things was $3.2 billion. Winning a large part of the public that used to be consumers of another Chinese manufacturer, Huawei, is seen as one of the growth factors – the rival is suffering from US government sanctions and is changing its own business model to readjust.

Expansion

While releasing the good news in finance, Xiaomi confirmed that it will expand efforts in the automotive autonomy sector.

The brand announced the acquisition for more than $70 million of Deepmotion, a startup that develops autopilot algorithms for cars. Earlier this year, the company had already announced a division that will handle the launch of electric cars. The trend is for Deepmotion to be incorporated into this segment.

Recently, the brand announced new physical stores in Brazil and even the launch of a robot, in addition to becoming, at least momentarily, the largest cell phone brand in the world. Xiaomi’s goal is to take the lead in the smartphone market by 2024.

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