Xiaomi delivers record cars in March as winners emerge in China’s EV race
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Chinese electric carmakers Xiaomi, Xpeng and Leapmotor each delivered nearly 30,000 or more cars in March, roughly two times that of their fellow startup competitors.
It’s a sign of how some automakers are pulling ahead of others, even as BYD remains the market leader by far.
Xiaomi deliveries hit record
Xiaomi delivered a record number of electric vehicles in March, exceeding 29,000 units, the company announced on social media. That topped its prior run of delivering more than 20,000 vehicles in each of the past five months.
The automaker announced on March 18 its goal to deliver 350,000 vehicles this year. There are also talks of the automaker expanding its second EV factory in Beijing to meet demand, Bloomberg reported on March 18. Xiaomi did not immediately respond to CNBC’s request for comment.
Hot EV market in China
Its competitor Xpeng in March delivered 33,205 vehicles, the fifth consecutive month it has delivered over 30,000 units per month and reflecting a 268% surge in deliveries from the same month last year. March is also the fifth consecutive month the company has delivered over 15,000 units of the Mona M03.
Leapmotor delivered 37,095 vehicles, reflecting a 154% year-over-year growth. The Stellantis-owned automaker last month launched U.K. sales of two electric vehicle models, the T03 and the C10.
Huawei 2024 revenue surges to near-record high as China smartphone comeback takes hold
Huawei reported revenue for 2024 of 862.1 billion Chinese yuan ($118.2 billion), a 22.4% year-on-year rise, as its core telecommunications and consumer businesses accelerated.
Second-highest annual sales
Separately, the Commission also sent guidance to Apple under the DMA calling for the iPhone maker to It is the company’s second-highest revenue figure ever, according to CNBC calculations, just shy of the record 891.4 billion yuan reported for 2020.
Huawei’s sales last year were driven by its two biggest businesses — ICT infrastructure and consumer — which together account for around 82% of the company’s total revenue.
Net profit fell, however, to 62.6 billion yuan, 28% lower than 2023’s figure. Huawei said this was a result of increasing investments.
China smartphone revival
An acceleration in Huawei’s consumer business aided its revenue figures. The consumer business raked in sales of 339 billion yuan, a 38.3% rise and a sharp acceleration from the growth seen last year.
In 2024, Huawei’s smartphone shipments in China jumped 37% year over year, while its market share rose to 16% from 12% in 2023, according to data from Canalys. This came at the expense of Apple, which saw its market share decline and shipments fall.
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Huawei has aggressively launched premium smartphones, including the first-ever trifold handset, and has begun to relaunch devices overseas.
Nintendo Switch 2 details: Price, screen size, controllers, microphone chat and games
The Nintendo Switch 2 will hit store shelves on June 5 for $449.99, and the Japanese gaming company will launch game titles including “Mario Kart World” and “Street Fighter 6″ alongside the new hardware, according to a Wednesday launch video.
The new device is a bigger and faster version of the Nintendo Switch, which has sold 150 million units since it was released in 2017, making it the third-best-selling game console of all time.
Bigger screen, faster processor
The Switch 2 looks a lot like its predecessor. Differences include a larger 7.9-inch screen with 1080p resolution which can display gameplay at 120 frames per second.
The company’s controllers, called Joy-Cons, now attach to the console’s screen with magnets, and can work as a mouse when used on a table. The console comes with 256GB of internal storage.
The improved hardware will allow for bigger worlds and more immersive experiences. Mario Kart World will cost $80, an increase from $60, which is what Nintendo charged for Switch games.
The Switch 2 hardware also got a price increase from its predecessor, which cost $300 at launch.
Excitement translating to stock gains
Nintendo stock, traded in Japan, is up nearly 25% in the past 12 months in anticipation of the Switch 2. The company reported 1.67 trillion yen ($11 billion) in revenue in its fiscal 2024, which ended in May.
Singapore’s bold AI push: Minister for digital development and information Josephine Teo on innovation and global leadership
As AI transforms the global tech landscape, Singapore is making bold strides to position itself as a leader in AI innovation and regulation. In this episode of Beyond the Valley, Singapore’s minister for digital development and information, Josephine Teo, joins CNBC’s Arjun Kharpal to discuss the nation’s strategy to harness AI, tackle risks like bias and cybersecurity and foster a thriving AI ecosystem. They also explore the country's efforts to compete with global tech powers. This episode was recorded live on stage at CNBC’s CONVERGE LIVE event in Singapore.
