Xiaomi's 2024 Revenue Surges Amidst Intensified EV Push

Prominent Chinese consumer electronics company Xiaomi has announced a significant increase in its yearly revenue. This surge in financial performance is primarily attributed to two key factors: a notable rise in smartphone sales and the company's ongoing strategic expansion into the electric vehicle (EV) market.

Xiaomi has only been in the auto industry for a year, but it has already surpassed EV startups with years of experience in terms of sales. The company announced 136,000 EV deliveries in 2024 and increased its EV delivery goal for 2025 from 300,000 to 350,000.

The firm has experienced remarkable success, even in the context of China's thriving tech industry. The March 2024 launch of their first EV, the SU7, generated such high demand that it resulted in a months-long queue.

Xiaomi's sales have remained strong since the SU7's release, and the model even garnered praise from Ford CEO Jim Farley during a podcast interview last October.


Xiaomi is gearing up to make a significant foray into the electric vehicle market with the upcoming release of the YU7, an all-electric SUV. Slated for a summer launch, the YU7 is strategically positioned to compete directly with Tesla's recently refreshed Model Y.

The EV startup is a new entrant to the auto industry and is facing capacity constraints, leading to extended wait times for customers. The company is committed to increasing production for faster delivery as it expands the second phase of its Beijing auto manufacturing facility.