SHANGHAI ― Chinese tech and home appliance giant Xiaomi announced on Thursday a major jump in sales for the first quarter, on the back of a smartphone boom.
Xiaomi , the world's third-biggest smartphone maker, said its sales in the first quarter reached $10.4 billion , up 27 percent from a year ago.The company launched its first electric vehicle in March, entering a cut-throat domestic market with the SU7 sedan that comes equipped with karaoke equipment and a mini-fridge.
5 billion yuan in the first quarter, up 32.9 percent on-year.The Hong Kong-listed company said its research and development costs for the first quarter were up more than 25 percent on-year, 'primarily due to the increase in research and development expenses related to our smart EV business and other new initiatives'.
Xiaomi Reports Sales Spike In Q1
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