Midea Groups revenues rose 20.57 percent year on year to a total of approximately 261 billion yuan (40.8 billion U.S. dollars) in the first three quarters of 2021, according to the companys financial report for the period.
The data was released during the groups global launch event recently held in Foshan City, south Chinas Guangdong Province.
In December 2022, the group teamed up with elevator and escalator manucturing enterprise LINVOL Elevator Co. Ltd. to make its first foray into the elevator market.
China has a huge elevator market, and foreign enterprises have taken the lions share. Midea is currently accelerating its key layout for the research and development as well as production of digital and intelligent elevators.
Mideas building technologies division recorded a 55 percent increase in its operating revenues in the first three quarters of 2021, with the revenue of its elevator business growing 35 percent year on year.
File photo/Guo Rongcun (NBD)
The elevator business has become a new growth engine for Midea Group, Chinas leading home appliance manucturer, according to the company.