Xiaomi launches new Xring chip, partners with TSMC for production, sources say

Xiaomi's stock dropped 4.1% to HK$27.84 after recalling EVs in China due to door-handle safety issues, affecting several other automakers. The recall involves door handles that may be difficult to open in emergencies. The decline also occurred amid a broader selloff in Hong Kong tech stocks, with the Hang Seng index falling 2%.

Xiaomi's Q2 2026 smartphone shipments fell 26.3% YoY to 31.2M units, with market share dropping to 11.5%. Average selling price rose 25.9% to a record RMB 1,351. Revenue declined to RMB 42.1B. Competitors Samsung and Apple saw shipment growth. Xiaomi's overall revenue was RMB 108.9B, with EV deliveries up 28.2% YoY.

Tesla is recalling 2.98 million vehicles in China, including Models 3, Y, X, and S, due to door handle safety risks. Chinese authorities also announced recalls from other carmakers like Xiaomi, Leapmotor, Geely, and XPENG. The recalls follow planned regulations banning hidden door handles, which could hinder escape in emergencies. Tesla will address the issue with software updates.

Xiaomi is set to report Q2 results Aug 18. Shares in Hong Kong have risen nearly 20% since late June after prior losses tied to weak smartphone demand and high component costs. Analysts expect sales to fall 6.6% and gross margin 20.4%. EV delivery target 550,000 units may be harder, per Bernstein. Options imply a 3.6% post-earnings move.

Esso Exploration and Production Nigeria announced the arrival of the ultra-deepwater drillship Noble Gerry de Souza, marking the start of the Usan Infill project. The project aims to deliver 40,000 barrels per day of incremental oil production within 18 months, supported by a $1 billion investment. ExxonMobil affiliates in Nigeria highlighted the project's focus on short-cycle deepwater production growth and operational excellence.

NTT DATA and Palo Alto Networks announced a 3-year strategic alliance targeting $1B in joint business by 2029. The partnership combines Palo Alto's AI-powered cybersecurity platforms with NTT DATA's services to help clients securely adopt AI and modernize cybersecurity. The alliance will focus on six key areas, including autonomous security operations, AI governance, and identity security, leveraging over 2,000 certified experts and joint engineering efforts.