Xiaomi posts first sales rise since 2021 as phone market firms

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Also read: Xiaomi reveals its first electric car SU7 Xiaomi is emerging from a years-long funk, when global demand for smartphone and other electronics cratered and rivals from Huawei Technologies Co. to Apple Inc. and Oppo encroached on its once-dominant position.

But the recent launch of a well-received line of flagship Xiaomi 14 phones could rejuvenate growth during the holidays in China, despite an uncertain consumer economy. Also Read: Xiaomi enters the electric vehicle market with SU7: Here's everything you need to know There’re growing signs the global smartphone market may finally be climbing out of a trough. Xiaomi and Huawei led an 11% jump in October smartphone sales in China, though that’s coming off a severe Covid-era comparison.

Huawei, which in August made waves with the Mate 60 Pro nationwide, accounted for the bulk of that rebound. Also Read: Xiaomi to bring down India headcount to below 1,000: Report Investors are betting that Xiaomi will be among the biggest beneficiaries of any rebound. It’s gained about $19 billion of market value since a June low on excitement over its latest handset as well as mounting anticipation over a foray into electric vehicles.

Also Read: Xiaomi reports better-than-expected profit in smartphone market Xiaomi sold more than one million of its latest 14 series devices in their first week in October, Chairman Lei Jun wrote in a Weibo post. And last week, the public got a first glimpse of its envisioned five-seater sedan after Beijing approved the vehicle’ roadworthiness. While it’s unclear if Xiaomi still needs additional licenses for that EV project to proceed, the car will be manufactured by state-owned Beijing Automotive Group Co.