Xiaomi has released its financial results for the fourth quarter of 2024. The company achieved its highest annual revenue ever, reaching 365.9 billion yuan ($50.5 billion). This marks a strong 35% growth compared to the previous year. The success was driven by its core businesses: smartphones, electric vehicles, IoT, and internet services.
Xiaomi Smartphone Business Growth
So, Xiaomi’s smartphone division generated 191.8 billion yuan ($26.5 billion) in revenue. The company sold 169 million smartphones in 2024. It ranked among the top three manufacturers in 56 countries. It was also one of the top five best-selling brands in 13 markets.
Xiaomi gained more market share in premium segments. It secured a 24.3% share in the 4,000–5,000 yuan ($550–700) price range. It also captured 9.7% in the 5,000–6,000 yuan ($700–850) category. This shift shows Xiaomi’s growing influence in high-end devices.
Expanding Ecosystem and User Base
Xiaomi’s IoT and internet services also grew. The number of monthly active users reached 700 million worldwide. In China alone, active users surpassed 170 million. The company’s connected ecosystem continues to expand rapidly.
Electric Vehicles: A Fast-Growing Market
Also, Xiaomi’s electric vehicle (EV) business showed strong results. The company delivered 136,854 EVs in 2024. Its total EV sales now exceed 200,000. Xiaomi aims to deliver 350,000 vehicles in 2025. This goal highlights its ambition to compete in the growing EV market.
Investment in Innovation
Xiaomi continues to invest heavily in research and development (R&D). In 2024, it spent 24.1 billion yuan ($3.3 billion) on R&D. The focus remains on improving software and hardware integration. These efforts help Xiaomi strengthen its position in the premium market.
What’s Next for Xiaomi?
So, Xiaomi has had a record-breaking year. It is expanding in smartphones, EVs, and digital services. The company’s future looks promising. However, the competition is fierce. Can Xiaomi maintain this momentum? What do you think? Share your thoughts in the comments!
