Xiaomi has released its financial results for Q4 2024 and the full year, marking a record high in revenue. The company recorded revenue of 365,9 billion yuan (about 47 billion euros), highlighting a notable increase of 35% compared to 2023. This success was fueled by strong results across all major segments, including smartphones, electric vehicles (EVs), IoT devices, and internet services, demonstrating Xiaomi’s growing influence in the global market.
Xiaomi sets record in Q4 2024: here are the financial results
- Smartphones continue to be the heart of Xiaomi's businessa turnover reached 191,8 billion yuan (about 24,5 billion euros), representing the 52% of total sales. During 2024, Xiaomi has sold 169 million units, ranking among the top three smartphone manufacturers in 56 countries and among the top five in 13 other markets. This result confirms the company's ability to compete effectively in both emerging and mature markets.
The report also highlighted a significant progression in the premium segment. Xiaomi captured a market share of 24,3% in the price range 4.000–5.000 yuan (about 510–630 euros) and 9,7% in the price range 5.000–6.000 yuan (about 630–750 euros). This demonstrates the company's commitment to moving towards higher market segments, traditionally dominated by brands like Apple and Samsung.
The Xiaomi ecosystem has reached another important milestone, counting as many as 700 million monthly active users (MAU) worldwide, including 170 million in China alone. This figure includes users of smartphones, smart home devices, wearables and even electric vehicles. The expansion of the global ecosystem reflects the success of Xiaomi's strategy, which aims to integrate technology and services into a single platform.
The electric vehicle sector has been one of the most promising for Xiaomi in 2024. The company has Sold 136.854 electric vehicles during the year, increasing shipments quarter after quarter. This result brings the total number of vehicles sold by Xiaomi to 200.000 units. In response to this growth, the company has revised its target for 2025, setting it at 350.000 units.
Xiaomi has devoted a significant portion of its resources to research and development (R&D). In 2024, theR&D investment reached 24,1 billion yuan (about 3,1 billion euros), with 21.190 people involved in innovation activities. Looking ahead, Xiaomi plans to increase R&D spending by 25%, reaching 30 billion yuan (about 3,9 billion euros) in 2025. This commitment reaffirms the company's desire to maintain a competitive advantage by developing new technologies.
