Xiaomi reports record-breaking financial results for 2024
Xiaomi announced its financial results for Q4 2024 and the entire year. The company reported a revenue of CNY 365.9 billion ($50.5 billion), setting a new record. This represents a significant 35% increase from the previous year, driven by strong performances across all sectors: smartphones, electric vehicles, IoT, and internet services.
The smartphone revenue reached CNY 191.8 billion ($26.5 billion), accounting for 52% of overall sales. Xiaomi sold 169 million units in 2024, ranking among the top three smartphone manufacturers in 56 countries and among the top five in 13 more countries.
The report highlighted a momentum in category-wide premiumization, elevating the premium market to new heights. Xiaomi captured 24.3% of the CNY 4,000 – 5,000 ($550-$700) price segment and 9.7% in the CNY 5,000 – 6,000 ($700-$850) segment range.
Globally, the Xiaomi ecosystem boasts 700 million Monthly Active Users (MAU), with just 170 million located in China. This figure encompasses smartphone users, smart home device owners, wearables, and even EVs.
Speaking of electric vehicles Xiaomi increased its deliveries with every quarter, totaling 136,854 vehicles sold in 2024. After the company already reached 200,000 units total yesterday, the delivery goal for 2025 was adjusted upwards to 350,000 units.
Xiaomi SU7 Ultra
Xiaomi disclosed having 21,190 individuals engaged in research and development. The investment in R&D amounted to CNY 24.1 billion ($3.3 billion), with plans to boost spending by 25%, aiming for CNY 30 billion ($4.15 billion) in 2025.
