Xiaomi’s Budding EV Business Keeps Growing
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A rundown of the news making headlines in and around China:
Xiaomi EVs: The Chinese electronics-maker’s nascent electric vehicle (EV) business continued to gain traction in the third-quarter. Revenue from the division that includes the company’s EV business rose 52.3% from the previous quarter to 9.7 billion yuan ($1.3 billion). The division lost less money for Xiaomi Corp. as its net loss narrowed to 1.5 billion yuan. Xiaomi’s president said the surging revenue helped the company better cover the costs of getting into the car business. The division accounted for just over 10% Xiaomi’s total revenue. In comparison, its smartphone business made up more than half.
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- Xiaomi's EV division saw a 52.3% revenue increase, reaching 9.7 billion yuan, but still reported a net loss of 1.5 billion yuan.
- Zhu Congjiu, former vice governor of Zhejiang province, was sentenced to life imprisonment for taking bribes worth 105 million yuan.
- China sees tourism recovery with Trip.com profits up 46.6% in Q3, while EU tariffs on Chinese EVs create friction with Germany calling them the wrong tool.
- Xiaomi Corp
- Xiaomi Corp.'s electric vehicle (EV) business is gaining traction, with third-quarter revenue rising 52.3% to 9.7 billion yuan, reducing its net loss to 1.5 billion yuan. This division now accounts for over 10% of Xiaomi's total revenue, compared to its smartphone business, which contributes more than half. The revenue growth helps offset costs associated with entering the car market.
- EHang Holdings Ltd
- EHang Holdings Ltd., a leading Chinese manufacturer of flying cars, reported record third-quarter revenue with over a fourfold increase to 128 million yuan. The company delivered 63 EH216-S eVTOL vehicles, a significant rise from 13 in the same period of 2023. These vehicles are key to China's "low-altitude economy," with the government planning to release guidelines to promote the industry. Despite its growth, EHang remains unprofitable.
- Trip.com Group Ltd
- Trip.com Group Ltd. reported strong third-quarter earnings, indicating a revival in Chinese travelers' interest in going abroad. The company's profits rose 46.6% year-on-year to 6.8 billion yuan, with revenue increasing 15.6% to 15.9 billion yuan. International flight and hotel bookings surpassed 120% of 2019 levels for the same quarter, underscoring the resilience of China's tourism market.
- United Overseas Bank
- United Overseas Bank issued a 5-billion-yuan ($690 million) three-year Panda bond, which has begun trading on the Singapore Exchange. This marks the first listing of such a bond on an Asian exchange outside the Greater China region since 2019 and represents the largest issue size for a three-year tenor among foreign financial issuers.
- Early May 2024：
- Zhu Congjiu came under investigation for accepting bribes.
- Third-quarter of 2024：
- Xiaomi's nascent electric vehicle business continued to gain traction with revenue increasing 52.3% from the previous quarter.
- November 16, 2024：
- Eight people were killed in a mass stabbing at a vocational school in Yixing, Jiangsu province.
- November 18, 2024：
- An official mentioned at a forum that the central government will release detailed guidelines to promote the low-altitude economy.
- By November 19, 2024：
- A 39-year-old man suspected of driving a car into students in Changde, Hunan province, was arrested.
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