Xiaomi Reports Record $50 Billion Annual Revenue, Helped by Expensive Smartphones and Electric Cars

Xiaomi has announced its financial results for the fourth quarter and full year 2024. Last year, the company posted revenue of 365.9 billion yuan ($50.5 billion), a record for the vendor. The annual revenue volume increased by 35% compared to the 2023 figure, which was driven by success in many areas of Xiaomi’s business, including smartphones, electric vehicles, IoT, and Internet services.

Xiaomi’s adjusted net profit for 2024 increased by 41.3% year-on-year to RMB 27.2 billion. The company’s revenue in the fourth quarter exceeded RMB 100 billion for the first time, reaching RMB 109 billion. Compared with the fourth quarter of 2023, the volume of revenue received increased by 48.8%. Adjusted net profit for the three months increased by 69.4% year-on-year to RMB 8.3 billion.

Xiaomi’s annual revenue from smartphone sales amounted to 191.8 billion yuan ($26.5 billion), which is about 52% of the total volume. In total, during the reporting period, the Chinese vendor sold 169 million smartphones worldwide, entering the top three largest suppliers in 56 countries and the top five in another 13 countries.

Image source: GSM Arena

The report highlights the trend towards premiumization of smartphones, taking the premium segment to a new level. Globally, Xiaomi has a 24.3% share of the $550 to $700 smartphone segment, and a 9.7% share of the $700 to $850 segment. Xiaomi’s ecosystem has 700 million monthly active users, of which 170 million are in the domestic market. This number includes users of the company’s smartphones, as well as owners of smart home devices, wearables, and electric vehicles.

Xiaomi has been steadily increasing the shipments of its own electric vehicles from quarter to quarter. According to the report, the company sold 136,854 electric vehicles in 2024. The delivery target for 2025 was increased to 350,000 electric vehicles after the company managed to produce its 200,000th vehicle in less than a year.

The report also states that the company’s research and development department employs 21,190 people. The volume of investment in research and development last year reached 24.1 billion yuan ($3.3 billion). In 2025, Xiaomi plans to increase its R&D spending by a quarter, bringing it to 30 billion yuan ($4.15 billion).