Core Insights - Xiaomi reported a significant increase in annual revenue, driven by strong smartphone sales and an expansion into the electric vehicle (EV) market [1][2] - The company's total revenue for the last year was 365.9 billion yuan ($50.6 billion), marking a 35% increase from the previous year [2] - In the fourth quarter of 2024, revenue grew by 48.8% year-on-year, surpassing Bloomberg's forecast of 43% [2][3] Revenue Breakdown - Revenue from electric vehicles and other new initiatives reached 32.8 billion yuan last year, while traditional smartphone sales accounted for the majority at 333.2 billion yuan [4] - The company aims to deliver 350,000 vehicles in 2025, having already delivered 136,854 units of the SU7 Series in 2024 [3][4] Market Context - Xiaomi's performance is seen as a barometer for consumer sentiment in China, especially as the government implements measures to stabilize the economy and boost consumer spending [2][6] - State subsidies for personal electronics and home appliances are expected to benefit Xiaomi, given its strong market presence in these categories [6]
Xiaomi posts 2024 revenue surge as EV push deepens