Xiaomi is the only carmaker for a year – and is already selling more cars than EV startups that have been in business for years.
Company earnings in 2024, his first set of Annual results like a Honestly Car maker, show that founder Lei Hun’s big Beth has paid off. The company released 365.9 billion Chinese yuan ($ 50.6 billion) in 2024 revenue, jumping 35%. Xiaomi reported strong top line growth, also with 27.2 billion Chinese yuan ($ 3.8 billion) in adjusted net profit, an increase of 41%.
The vast majority of Xiaomi’s revenue was generated by the traditional business of selling smartphones and domestic devices. The rest – about 10% or 32.7 billion yuan ($ 4.5 billion) from the new Xiaomi EV Division.
Report Xiaomi 136,000 deliveries of EV For 2024, it raised its delivery target in 2025 for EV to 350,000, which is an increase of 300,000.
The Great EV betting on Xiaomi
Xiaomi was ongoing, even compared to a wider rally in the technology sector in China. Shares in the company have increased by more than 280% over the past 12 months, nearly for all other shares in Hong Kong’s benchmark, Hang Seng index.
The company announced its first EV, SU7, in March 2024and the high demand led to a Monthly waiting list. Xiaomi has continued at a stable pace of sales since the SU7 announcement. The model even beat Ford CEO Jimim Farleywho praised Xsiomi’s car on podcast last October.
On Tuesday, hours before releasing her earnings, Xiaomi revealed she had deliver 200,000 cars Because it has entered the market.
Xiaomi plans to Release YU7Electric SUV, during the summer. The model will compete against the recently refreshed Tesla Y.
EV is an expensive venture for Xiaomi and its founder Lei Jun, who has previously noted that he has spent 10 times the average of the industry to build his first eu prototype. Yun stuck to trying to build EVS after Apple – Inspiration for Jun and the company that founded it –left their ambitions to make a “apples car” at the beginning of 2024.
On Tuesday, Xiaomi revealed that it spent 24.1 billion yuan ($ 3.3 billion) on research and development in 2024, primarily to EV. Plans to Pass even more– About 30 billion yuan ($ 4.2 billion) – next year.
The successful expansion of Xiaomi to EV can help other businesses, especially the smartphone business. Proving that he can do and sell EV, Xiaomi “further improved its brand image”, which in turn helped raise the sales of the phone, The counterpoint of the research firm He wrote this year. With 17.2% of the market, Xiaomi was China’s second largest in China in the last quarter of last year, according to Counterpoint, just ahead of Apple and Huawei.
Also, Xiaomi phones work well globally. Xiaomi, Quoting channel dataHe claims it is the third largest phone in the world in 2024, behind Apple and Samsung. It is also the highest ranked manufacturer from China.
Chinese phonemarks are making pressure To expand to new overseas markets, especially Southeast Asia and the Middle East. Analysts suggest that some of these regions are a good launch point for Chinese companies – reducing teeth that make more acceptable models – start moving in the premium sector.
China’s tech sector continues to collect
Chinese technological actions have gathered this year After investors spent time questioning the country’s prospects for innovation Wake of AI of DeepSeek AI. The Hang Seng technique index, which follows the tech companies listed in Hong Kong, is 40% for the year.
BYD’s actions hit a record high on Tuesday after giant EV was looking for its new charging system Can give full charge in even five minutes.
Investors are also hoping for greater government support for the economy, as Beijing is trying Home consumption of jump Amidst new tariffs by US President Donald Trump.
Earlier this year, Xi Jinping met a few luminaries From the technology sector in China, including Alibaba founder Jackec Ma, founder of Huawei, Rehn Hengengfei, founder of dipsell, Liang Wenfeng and Lei Jun, the signal that the previous action of Beijing against Big Tech is in the end.
This story was originally shown on Fortune.com
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