Xiaomi Reports Record 2024 Revenue Growth, Driven by Smartphones and EV Expansion

The Chinese tech giant achieved a 35% revenue increase and set ambitious targets for its electric vehicle business in 2025.

Xiaomi's total revenue for 2024 reached 365.9 billion yuan ($50.6 billion), marking a 35% year-on-year increase.
The company delivered 136,854 units of its SU7 electric vehicle series in 2024 and plans to ramp up production to meet a 2025 target of 350,000 units.
Revenue from electric vehicles and other new initiatives contributed 32.8 billion yuan, while smartphones and traditional products generated 333.2 billion yuan.
Fourth-quarter revenue growth of 48.8% in 2024 exceeded Bloomberg's forecast of 43%, highlighting strong consumer demand.
Xiaomi's performance reflects broader consumer sentiment in China, supported by government subsidies for electronics and home appliances.