Xiaomi Reports Strong Q4 Earnings Amid Smartphone Market Recovery, Prepares for EV Market Entry

Despite a challenging year, Xiaomi's profits surged, beating estimates, as it gears up to launch its first electric vehicle in China's competitive market.

• Xiaomi's fourth-quarter net profit rose to $657.1 million, with a seven-fold increase in annual net profit despite a fall in annual revenue.
• The company saw a 11% increase in quarterly revenue, driven by robust smartphone sales and the successful launch of its premium Mi 14 series.
• Global smartphone shipments for Xiaomi jumped 23%, securing its position as the world's third-largest smartphone maker.
• Xiaomi is set to enter the electric vehicle (EV) market, with its first model, the SU7, expected to begin deliveries in China soon.
• The firm's R&D expenses rose by 19.2% in 2023, largely due to its EV business and other initiatives, highlighting its commitment to diversification.

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