Xiaomi shared the financial results of 2024 with the public. Throughout the year, the company broke its own record by generating a total of 365.9 billion CNY (approximately 50.5 billion dollars) revenue. This figure represents a 35 %significant increase compared to 2023. Xiaomi’s growth is based on successful performance in a wide range of products from smartphones to electric vehicles, the Internet of objects (IoT) to internet services.
In 2024, Xiaomi performed strongly in the smartphone segment. The company’s revenue from smartphone sales reached 191.8 billion Yuana (approximately 26.5 billion dollars) and made 52 percent of the total revenue. During the year 2024, 169 million smartphones were sold worldwide. Xiaomi is one of the first three smartphone manufacturers in 56 countries, while in 13 countries, it has gained a solid place in the top five.
In the company’s financial report, the rise in the premium segment drew attention. Xiaomi has a market share of 24.3 percent in the price range of 4,000-550-700 dollars ($ 550-700), while the price band of 5,000-6,000 Yuan ($ 700-850) achieved a 9.7 percent share. This shows that the brand’s investment in premium devices gives successful results.
Xiaomi’s ecosystem reached 700 million monthly active users (MAU) worldwide. This user base includes a wide range of products from smartphones to wearable devices, smart home solutions to electric vehicles. The number of users in China is 170 million.
The company has also increased electric vehicle deliveries over 2024. Xiaomi delivered a total of 136,854 vehicles during the year. Recently, the total number of deliveries of the company has exceeded 200,000. Following this success, Xiaomi increased its delivery target for 2025 to 350,000 units.
Xiaomi continues its R & D investments
Xiaomi continues to make major investments in research and development activities in order to increase its competitiveness in the field of technology. As of 2024, the number of personnel working in the field of R & D reached 21,190. The company’s R & D expenditures were 24.1 billion CNY (about 3.3 billion dollars). In 2025, Xiaomi aims to increase this budget by 25 %to 30 billion CNY (about $ 4.15 billion).
Xiaomi’s financial results of 2024 show that the company shows strong growth not only in the smartphone market, but also in electric vehicles and IoT segments. The rise in the premium segment, the expanding ecosystem and the increase in R & D investments constitute the important elements of the strategy to further strengthen the brand’s position in the global market. The new targets set by the company for 2025 show that it will maintain growth acceleration.