Musk, Argentine President See Eye-To-Eye on Boosting Free Markets, Lithium

Billionaire Elon Musk reacting- File Phot/Reuters
Billionaire Elon Musk reacting- File Phot/Reuters
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Musk, Argentine President See Eye-To-Eye on Boosting Free Markets, Lithium

Billionaire Elon Musk reacting- File Phot/Reuters
Billionaire Elon Musk reacting- File Phot/Reuters

Billionaire Elon Musk and Argentina's libertarian president promised to work together on Friday to promote free markets as well as potential lithium projects after the two likeminded men met in Texas, home to the tycoon's Tesla electric car company.

The chief spokesman to President Javier Milei said the pair visited Tesla's Austin headquarters and discussed a variety of topics, from the need to boost declining birthrates worldwide to pursuing technological development while defending "liberty."

Musk, one of the world's richest men, has previously showed his admiration for Milei's full-throated embrace of private enterprise and his distain for what he sees as socialist excesses.

In comments to local media, Argentina's incoming ambassador to the United States, Gerardo Werthein, noted that Musk and Milei also discussed lithium, the ultra-light metal seen as key for the rechargeable batteries needed for future fleets of electric vehicles.

"We talked about the investment opportunities in Argentina in lithium... We're very committed not only to exporting raw materials but also to adding value," said Werthein in comments published by newspaper La Nacion.

"(Musk) said he wants to help Argentina," added Werthein.

Milei also offered his support for the dispute over Musk's social media platform X, previously Twitter, playing out in Brazil, according to the statement from Milei's spokesman Manuel Adorni, which was posted on X.

Last Sunday, a Brazilian Supreme Court judge opened an investigation into Musk after the billionaire said he would reinstate X accounts that the judge had ordered blocked.



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)
TT

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.