Xiaomi has disclosed its financial performance for Q4 2024 and the entire year, revealing a revenue of $50.5 billion. This marks a 35% increase compared to the previous year. The company attributes this growth to strong results across its main divisions, including smartphones, electric vehicles (EVs), Internet of Things (IoT), and internet services.
Smartphone Segment
Out of the total revenue, the smartphone division contributed $26.5 billion, making up 52% of overall sales. Xiaomi sold 169 million phones in 2024, placing it in the top three smartphone manufacturers in 56 countries and the top five in an additional 13 countries.
The report indicates a rising trend in premium devices. Xiaomi achieved a 24.3% share in the $550–$700 price segment and 9.7% in the $700–$850 range.
Global Ecosystem Growth
Globally, the Xiaomi ecosystem reached 700 million monthly active users (MAU), with 170 million located in China. This user base spans various product categories, including smartphones, smart home devices, wearable products, and electric vehicles.
Electric Vehicles (EVs)
In 2024, Xiaomi sold 136,854 EVs, a figure that rose each quarter. Since the company already surpassed 200,000 cumulative EV sales, it has revised its 2025 delivery target upward to 350,000 units.
R&D Investment
Xiaomi reported that 21,190 people now work in its research and development wing. The company invested $3.3 billion in R&D this year and plans to increase that by 25%, aiming to spend $4.15 billion in 2025.
Looking forward, Xiaomi’s figures are likely going to surge even more with even more waves of products planned for the year, including the global release of popular Poco and Redmi phones.
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Xiaomi’s growth is truly impressive! A 35% revenue increase and expansion into EVs show how well the brand is diversifying. The rise in premium smartphone sales and strong R&D investments indicate they’re aiming for long-term dominance. Excited to see how their EVs and smart ecosystem evolve in 2025!