Xiaomi published their financial report for the fourth quarter of 2024. The company posted their highest revenue ever at 365.9 billion yuan which is approximately 50.5 billion USD. This is an increase of 35% from the previous calendar year. This was achieved because of their core business strategies which consist of smartphones, electric vehicles, IoT, and internet services.
Xiaomi’s smartphone subdivision has shown remarkable growth
Xiaomi’s smartphone segment alone earned 191.8 billion yuan which is equal to 26.5 billion USD. The company was able to sell 169 million smartphones in 2024. They were one of the top three manufacturers in 56 countries and in 13 markets, Xiaomi was one of the five top selling brands.
The company was able to increase its market share in the premium segments. Xiaomi captured 24.3 percent in the 4,000 to 5,000 yuan brackets and 9.7 percent in the 5,000 to 6,000 yuan range. This demonstrates the company’s growing power in high end devices.
Widening user and ecosystem base
So, Xiaomi’s internet services and IoT also grew. The total number of monthly active users Xiaomi serves over the globe is now 700 million, with over 170 million coming from China alone. The connected ecosystem is growing at a rapid pace.
Electric Vehicles: A Fast-Growing Market
Moreover, Xiaomi’s EV sector performed exceptionally well. The company sold 136,854 Electric vehicles in the year 2024 and its overall sales of EV’s surpasses 200,000. Xiaomi plans to deliver 350,000 vehicles in the year 2025. This underscroes the company’s desire to compete in the growing electric vehilce market.
Investment in Innovation
Xiaomi continues to pour cash into technology development, spending an unprecedented s24.1 billion Yuan (approximately $3.3 billion) in 2024. The emphasis remains on improving the integration of software and hardware. These measure helps position Xiaomi to capture premium market.
What’s Next for Xiaomi?
In conclusion, Xiaomi has had a record breaking year with the expansion in aidspots, EV’s, and digital services. The company’s future looks promising, but their is stiff competition. Can Xiaomi keep this up? What do you think? Let us know in the comments!
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