Xiaomi posts 2024 revenue surge as EV push deepens

The Beijing-based firm manufactures a diverse array of tech gadgets ranging from smartphones and laptops to rice cookers and air purifiers.

Its performance is considered to be a bellwether for consumer sentiment in China, where authorities have been seeking in recent months to stabilise a wobbly economy.

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 firm added 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".

Revenue from EVs and "other new initiatives" reached 32.8 billion yuan last year, the stock exchange filing showed.

But Xiaomi's traditional strength -- another business segment that includes smartphones -- still accounted for the bulk of sales, with revenue reaching 333.2 billion yuan last year.

Founded in 2010, Xiaomi initially achieved rapid growth through its strategy of marketing high-end devices at affordable prices.

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.