Xiaomi has announced its fourth-quarter 2024 financial results. The company reported its highest-ever annual revenue of 365.9 billion yuan ($50.5 billion). It also grew by 35% compared to the previous year. The strong performance in its core businesses of smartphones, electric vehicles, IoT, and internet services brought this success.

Xiaomi achieves record revenue in 2024

Xiaomi’s smartphone division generated 191.8 billion yuan ($26.5 billion) in revenue during the year. The company sold a total of 169 million smartphones during 2024. It remained among the top three manufacturers in 56 countries in the global market. It was among the top five best-selling brands in 13 countries.

Increasing its market share in the upper segment, Xiaomi reached a market share of 24.3% in the 4000-5000 yuan ($550-700) price range and 9.7% in the 5000-6000 yuan ($700-850) price range. During this period, Xiaomi’s overall ecosystem continued to grow. For example, the number of monthly active users was reached globally.

The number of active users in China exceeded 170 million. A remarkable performance was also exhibited in the electric vehicle market. A total of 136,854 electric vehicles were delivered in 2024. Xiaomi’s total sales to date have exceeded 200 thousand, while the target for 2025 was set as 350 thousand vehicles.

R&D investments continued to have an important place in the company’s growth strategy. R&D expenditures totaled 24.1 billion yuan ($3.3 billion) in 2024. These investments were made to increase competitiveness in the premium segment, especially with software and hardware integration.

So what do you think about this issue? Do you think Xiaomi will achieve success in the sector with its new generation products? You can share your views with us in the comments section below.