Xiaomi's Smartphone Sales Plummet 20% as Apple's iPhone 17 Dominates China
Xiaomi's core smartphone business is under pressure due to a significant drop in Android sales, primarily driven by Apple's aggressive pricing strategy for the iPhone 17 in China. This has led to a 20% decrease in Android sales within a week of the iPhone 17's launch. Despite these challenges, Jefferies maintains a bullish outlook on Xiaomi's stock.
Jefferies' confidence in Xiaomi's long-term growth is tied to the company's expansion into the AIoT ecosystem and the electric vehicle market. Xiaomi's entry into these sectors is seen as a potential future growth driver that could overshadow current smartphone concerns. However, Jefferies warns that Apple's aggressive pricing poses a direct threat to high-end Android models like Xiaomi's. A new Xiaomi analysis from October 7th is expected to provide guidance on whether to buy or sell Xiaomi stock. Despite the intense competition from Apple's iPhone 17 launch in the Chinese smartphone market, Jefferies keeps its 'Buy' rating and price target of 66.68 HKD for Xiaomi stock.
While Xiaomi faces immediate challenges due to Apple's pricing strategy, its expansion into the AIoT ecosystem and electric vehicle market is seen as a long-term growth opportunity. Jefferies' bullish outlook on Xiaomi's stock, despite the current pressures, reflects this confidence in the company's future prospects.
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