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Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
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Xiaomi Raises EV Sales Target, Plans New Overseas Stores as Q4 Revenue Jumps

A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)
A man walks past a logo of Xiaomi, a Chinese manufacturer of consumer electronics, outside a shop in Mumbai, India, May 11, 2022. (Reuters)

China's Xiaomi on Tuesday reported an almost 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it planned to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.

The company reported a 48.8% rise in fourth-quarter revenue to 109 billion yuan ($15.1 billion), beating the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG. Adjusted net profit jumped 69.4% year-on-year to 8.32 billion yuan, ahead of the average estimate of 6.399 billion yuan, Reuters reported.

Xiaomi president Lu Weibing said on an earnings call that he saw great potential for the company's products - from phones and tablets to cars - in overseas markets, though he added the complexity of expanding abroad was "quite high". Lu said the company aimed to start shipping cars overseas in 2027. Xiaomi's Hong Kong-listed shares closed up 3.3% before the earnings release. The stock has surged 284% over the past 12 months amid investor enthusiasm for its EV plans.

Xiaomi began manufacturing EVs last year with the launch of the SU7 sedan after selling smartphones, household appliances and smart gadgets for most of its 15-year history.

It reported 32.1 billion yuan in revenue for its EV business in 2024, delivering more than 135,000 SU7 sedans. The adjusted net loss related to its EV and other new initiatives reached 6.2 billion yuan.

Xiaomi's fourth-quarter global smartphone shipments rose 5% from a year earlier to 42.7 million handsets, ranking it third globally, with a market share of 13%, data from researcher Canalys showed.

In China, its largest market, shipments surged 29% to 12.2 million handsets over the same period, ranking it fourth, with a market share of 16%, according to the Canalys data.

Lu said Xiaomi aimed to ship 180 million smartphones this year, versus

in 2024, adding the company would invest up to 8 billion yuan, about a quarter of its total research and development budget this year, in AI-related initiatives.

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Technology

AI Can Outpace Cybersecurity Norms 'in Months', Says Spy Alliance

FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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AI Can Outpace Cybersecurity Norms 'in Months', Says Spy Alliance

FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

The most advanced artificial intelligence models are improving quickly enough to outsmart prevailing cybersecurity know-how within months, the Five Eyes spy agency alliance has warned.

The risk posed by AI-enhanced hacking is in the spotlight, after US startup Anthropic said in April that its cutting-edge Mythos models had unprecedented abilities to find software vulnerabilities, reported AFP.

The security agencies of Britain, the United States, Australia, Canada and New Zealand urged governments and businesses to act swiftly to prepare themselves as AI evolves.

"The rapid pace of frontier AI development means cyber risk assumptions can become outdated in months, not years," said a joint statement dated Monday.

AI "lowers barriers for malicious actors and increases the speed and complexity of attacks", the Five Eyes advisory said.

"Breaches will occur. Preparedness helps you contain them quickly and prevent escalation into major operational and financial crises."

To improve cyber defenses, organizations should integrate AI tools into their security operations, update old systems and limit access to critical systems among other steps, they said.

Anthropic this month suspended access to Mythos 5 and a restricted version called Fable 5 to comply with a US national security order.

Just days after publicly launching Fable 5, the company said it had received a government directive banning all foreign nationals from accessing the two models.

The intervention is striking for a White House that has otherwise pushed to loosen AI oversight -- even moving to block states from writing their own rules.

Technology

Indian Startup Head Appointed as New WhatsApp Boss

The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)
The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)
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Indian Startup Head Appointed as New WhatsApp Boss

The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)
The WhatsApp logo is seen in this illustration taken, August 22, 2022. (Reuters)

Meta has tapped Indian fintech founder Kunal Shah as the new head of WhatsApp, as the US tech giant seeks ways to monetize the messaging app's massive user base.

The announcement, made Monday night, was accompanied by news that Meta would also lead a $900 million funding round in Shah's consumer finance firm CRED.

"Kunal built CRED into one of India's most important technology companies," Meta chief Mark Zuckerberg said in a statement.

"He brings the kind of builder mentality and global perspective that will serve him well in running the world's biggest messaging app."

Shah, a serial entrepreneur and influential figure in India's fintech world, started CRED in 2018 after selling an earlier payments startup to Indian e-commerce giant Snapdeal for roughly $400 million.

He is also one of India's most prolific angel investors, according to data tracker Tracxn, with the local financial press often reporting how Shah agrees to seed funding pitches within minutes of hearing them.

But over the last few years, Shah has focused on building CRED -- which got its start by offering rewards to customers for timely credit card payments.

Since then, the company has aggressively expanded into offering wealth management, insurance and lending services to its 17 million users.

This experience is likely to help WhatsApp as it seeks new revenue streams that go beyond the core advertising business of Meta, which also runs Facebook and Instagram.

While India is WhatsApp's largest market -- with over half a billion users, according to 2021 government figures -- analysts say it has largely missed the chance to build an equally popular payments service.

In May, the messaging app offered businesses in India the ability to use artificial intelligence for services including responding to customers at all hours or booking appointments.

Shah acknowledged the scope for future growth, saying in a statement that the gap between "WhatsApp today and its full potential is massive".

India's startup ecosystem also celebrated Shah's appointment -- the latest example of an Indian-born executive becoming the leader of a Silicon Valley company.

Sajith Pai of Blume Ventures, an early stage Indian start-up backer said Shah was getting an "even bigger canvas to paint his bold brushstrokes in".

"Great news for everyone in the Indian startup ecosystem, and for India!"

Technology

Wikipedia Won’t Let AI Edit Articles, Co-founder Says

The artificial intelligence AI acronym at the 10th edition of the VivaTech technology startups and innovation fair in Paris, France, June 18, 2026. (Reuters)
The artificial intelligence AI acronym at the 10th edition of the VivaTech technology startups and innovation fair in Paris, France, June 18, 2026. (Reuters)
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Wikipedia Won’t Let AI Edit Articles, Co-founder Says

The artificial intelligence AI acronym at the 10th edition of the VivaTech technology startups and innovation fair in Paris, France, June 18, 2026. (Reuters)
The artificial intelligence AI acronym at the 10th edition of the VivaTech technology startups and innovation fair in Paris, France, June 18, 2026. (Reuters)

Wikipedia does not trust artificial intelligence enough to let it play a direct role in editing articles on its platform, co-founder Jimmy Wales told AFP on Monday.

The problem of AI "hallucinations" -- in which fabricated output is confidently presented -- has been reduced with newer AI models but remains "very, very bad", Wales said on the sidelines of a climate action week event in London.

He added, however, that AI agents could prove useful in alerting Wikipedia's community of millions of editors to certain niche news that would otherwise be missed.

"We would not let it edit directly because you can't really trust it enough," he said.

Artificial intelligence platforms, meanwhile, rely on Wikipedia's content to answer users' questions.

That has contributed to an overall growth in visitors to the site from AI bots, while human traffic has dropped eight percent.

Wales, who sits on the board of trustees at the Wikimedia Foundation, which operates Wikipedia, described the fall in human traffic as "meaningful" but "not a disaster," for the online encyclopedia, which ranks among the 10 most visited websites in the world.

The site, created in 2001, depends on donations from users so its business model does not directly rely on traffic.

Wales encouraged AI companies to "pay their fair share", because "hammering us with millions of requests costs real money," in the cost of running servers.

Wikipedia has already been "very successful" in signing agreements with several tech giants, the founder said.

"We're starting to block the ones who aren't behaving themselves, but we'll see how that goes."