Xiaomi posts 2024 revenue surge as EV push deepens

Xiaomi, a Chinese consumer tech behemoth, reported a spike in yearly revenue on Tuesday, driven by robust smartphone sales and a sustained push into the electric car market.

The Beijing-based company produces a wide range of technological devices, from computers and cellphones to air purifiers and rice cookers.

In China, where officials have been working to stabilize a faltering economy in recent months, its performance is regarded as a barometer for consumer morale.

The company’s total revenue last year was 365.9 billion yuan ($50.6 billion), up 35 percent from the previous year, according to a statement on the Hong Kong Stock Exchange website.

Revenue was up 48.8 percent year-on-year in the fourth quarter of 2024, the statement showed.

The brisk quarterly growth outpaced a Bloomberg forecast, which had anticipated revenue to increase by 43 percent during the period.

Xiaomi entered China’s highly competitive EV market last year with the launch of its SU7 sedan, aiming to win over buyers with a range of high-tech features.

“In 2024, the deliveries of the Xiaomi SU7 Series reached 136,854 vehicles,” said the statement.

The company stated that it would “continue to ramp up production and ensure delivery, striving to achieve the target of delivering 350,000 vehicles for the entire year of 2025” .

According to the stock exchange report, revenue from EVs and “other new initiatives” totaled 32.8 billion yuan in the previous year.

However, with revenue of 333.2 billion yuan last year, Xiaomi’s traditional strength—another business sector that includes smartphones—continued to account for the majority of sales.

When Xiaomi was first established in 2010, it grew quickly by promoting expensive devices at low costs.

Beijing has since last autumn announced various measures in a bid to revive confidence in the economy and boost consumer spending.

One such initiative involves state subsidies for purchases of certain personal electronics and home appliances — product categories in which Xiaomi has a strong presence.