Xiaomi reports a 35% jump in revenue as CEO Lei Jun’s EV bet helps drive a 280% share rally

Xiaomi was the only car maker for a year – it already sells more cars from EVs that have been working for years.

The profits of the company 2024, the first set of annual results K. Goodwill Carmaker shows that the founder of the Big EV Bet founder Lei Jun’s EV is fruit. The company recorded 365.9 billion Chinese yuan ($ 50.6 billion) in 2024, a 35 % jump. Xiaomi reported a strong growth on the upper line, also, with 27.2 billion Chinese yuan ($ 3.8 billion) in average net profit, an increase of 41 %.

The vast majority of Xiaomi revenues were created from its traditional works of selling smartphones and home appliances. The rest – about 10 % or 32.7 billion yuan ($ 4.5 billion) – from the new EV department in Xiaomi.

Xiaomi reported 136,000 EV for turmoil for 2024, and raised the delivery goal of 2025 to EVS to 350,000, up from 300,000.

Great Xiaomi EV bet

Xiaomi was on a roll, even compared to a broader gathering in the technology sector in China. The shares of the company have increased by more than 280 % over the past 12 months, almost every other shares in the Hong Seng index in Hong Kong.

The company issued the first EV, SU7, in March 2024, and the high demand led to a period of months. Xiaomi has maintained a fixed sales frequency since the SU7. The model even defeated Ford Jim Farley CEO, who praised the Xiaomi in Podcast last October.

On Tuesday, hours before her profits were launched, Xiaomi revealed that she had handed over 200,000 cars since she entered the market.

Xiaomi plans to launch Yu7, the SUV, in the summer. The model will compete against the recently deported Tesla.

EVS is a costly project for Xiaomi and its founder Lei Jun, which previously indicated that he spent 10 times the average industry to build its first EV model. John stuck to his attempt to build EVS after he highlighted Apple – an inspiration for Jun and the company he founded – her ambitions to make Apple in early 2024.

On Tuesday, Xiaomi revealed that it had spent 24.1 billion yuan ($ 3.3 billion) on research and development in 2024, primarily towards EVS. It plans to spend more – 30 billion yuan ($ 4.2 billion) – next year.

Xiaomi’s successful expansion on EVS may help its other works, especially smartphones. By proving that it can be made and sold EV, Xiaomi “has increased the strengthening of its brand image”, which in turn helped to raise its sales of the phone, and the Counterpoint Research Company wrote this year. With 17.2 % of the market, Xiaomi was the second largest manufacturer in China in the last quarter of last year, according to Counterpoint, advanced on Apple and behind Huawei.

Xiaomi phones work well on the global scale as well. Xiaomi, cited data from Canalys, claimed that she was the third largest audio maker in the world in 2024, behind Apple and Samsung. It is also the highest -ranked manufacturer from China.

Chinese audio makers push for the expansion of the new foreign markets, especially Southeast Asia and the Middle East. Analysts suggest that some of these areas are a good launch point for Chinese companies – which reduced their teeth that make more affordable models – to start moving to the distinguished sector.

The technology sector in China continues to gather

China’s technical shares have increased this year after investors spent time to reassess the country’s prospects for innovation in the wake of Deepseek from artificial intelligence. The Hang Seng Tech Index, which tracks the Hong Kong technology companies, has increased by 40 % for this year.

BYD shares achieved the highest record on Tuesday after the giant EV company claimed that the new shipping system may give full fees in less than five minutes.

Investors also hope to obtain more support for the economy, as Beijing is trying to jump local consumption amid a new tariff from US Donald Trump.

Earlier this year, Xi Jinping met many stars from the technology sector in China, including the founder of Alibaba Jack MA, the founder of Huawei Ren Zhengfei, the founder of Deepseek Liang Winfing, and the Xiaomi Lei Jun Foundation, in what observers read as a sign that Beijing was previous Crackdown in Big Tech.

This story was originally shown on Fortune.com

2025-03-18 17:04:00