(Bloomberg) — Xiaomi Corp. is now aiming to deliver 130,000 electric vehicles in 2024, raising its target by more than 8% in a show of confidence in the fledgling business.
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Billionaire co-founder Lei Jun unveiled that latest objective, up from a previously targeted 120,000, on social media just hours before the Chinese company was slated to report quarterly earnings. That underscores the entrepreneur’s desire to take Xiaomi — best known for affordable gadgets and devices — deeper into a market crowded with deep-pocketed players like Tesla Inc. and BYD Co.
Xiaomi is expected by analysts to grow its revenue by about 27% in the September quarter thanks to contributions from its nascent EV business. But net income is projected to slip, reflecting the cutthroat competition with established Chinese EV players and a fierce rivalry between both domestic and global brands in the world’s largest smartphone arena.
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