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.



German Court Says Meta Can Use User Data to Train AI

The court ruled Meta is 'pursuing a legitimate end' by training AI with Facebook and Instagram user data. Kirill KUDRYAVTSEV / AFP
The court ruled Meta is 'pursuing a legitimate end' by training AI with Facebook and Instagram user data. Kirill KUDRYAVTSEV / AFP
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German Court Says Meta Can Use User Data to Train AI

The court ruled Meta is 'pursuing a legitimate end' by training AI with Facebook and Instagram user data. Kirill KUDRYAVTSEV / AFP
The court ruled Meta is 'pursuing a legitimate end' by training AI with Facebook and Instagram user data. Kirill KUDRYAVTSEV / AFP

A German court on Friday dismissed an injunction request brought by consumer protection groups to prevent US tech giant Meta from using user data from Facebook and Instagram to train artificial intelligence systems.
The higher regional court in Cologne concluded Meta, which owns both social media platforms, had not violated European Union law.

"Meta is pursuing a legitimate end by using the data to train artificial intelligence systems," the court said in a statement.

Feeding user data into AI training systems was allowed "even without the consent of those affected", it added.

Meta has announced plans to begin training AI models with data from Facebook and Instagram from Tuesday, said AFP.

The court said the balance of interests between the parties was in favor of allowing Meta to process user data to develop AI.

The training of AI systems "cannot be achieved by other equally effective, less intrusive means", the court said.

Among the reasons cited by judges was Facebook's intention to only use publicly available data that could also be found via search.

Meta had also "taken effective measures to significantly mitigate the impact" on users, the court said, including communicating the plans via its mobile apps.

The North Rhine-Westphalia Consumer Advice Center, which brought the case, said it still found the use of user data "highly problematic".

"There are still considerable doubts about the legality," the organization's chief, Wolfgang Schuldzinski, said in a statement.

The Vienna-based privacy campaign group Noyb said last week it had sent a cease-and-desist letter to Meta over the plans to use user data for AI training.

The letter was the first step ahead of a possible injunction request or class-action lawsuit against Meta, the group said.