Key Takeaways
1. Xiaomi’s first-generation vehicle, the SU7, is gaining popularity among women and Apple fans, helping to enhance its upscale brand image.
2. The high-performance Ultra variant of the SU7 has received approximately 19,000 pre-orders, with 10,000 confirmed, expected to boost revenue significantly in 2025.
3. The SU7 is projected to generate 32.8 billion yuan (about $4.54 billion) in revenue for 2024, with nearly half expected in the last quarter.
4. Xiaomi’s smartphone sales grew notably in 2024, contributing 52.4% of total revenue, with shipments up by 15.7% compared to 2023.
5. Xiaomi reported record quarterly earnings for 4Q2024, totaling 109 billion yuan (around $15.1 billion), a 48.8% increase from 4Q2023, surpassing market expectations.
Xiaomi has shared insights from its recent financial report concerning its first-generation vehicle, the SU7. The company claims that this model is especially favored by women and Apple enthusiasts, which is helping to “reshape Xiaomi’s user demographic and improve its upscale brand image.”
Anticipated Growth with the Ultra Variant
The manufacturer also pointed out that the newly introduced, high-performance Ultra version has garnered around 19,000 pre-orders, with 10,000 already confirmed. This is expected to bolster the company’s position in 2025.
Xiaomi now projects that initiatives like the SU7 will contribute to a revenue of 32.8 billion yuan (approximately $4.54 billion) in 2024, with nearly half of this revenue (16.7 billion yuan, or about $2.31 billion) earned in the last quarter of the year (4Q2024).
Strong Performance in Smartphone Sales
The more established segments of Xiaomi’s business, such as smartphones, also experienced “notable” growth in 2024, making up 52.4% (or 191.8 billion yuan, roughly $26.52 billion) of the total revenue for the year.
The company reports that its shipments rose by 15.7% compared to 2023, positioning it as the leading contributor to the industry’s expansion. Xiaomi credits the 15 Ultra model for achieving over 50% higher sales within the first 15 days of its launch compared to the previous 14 Ultra.
Record-Breaking Quarterly Earnings
Xiaomi asserts that its earnings for 4Q2024 are the highest recorded in the company’s history, amounting to 109 billion yuan (around $15.1 billion), which is an increase of 48.8% compared to 4Q2023.
The profits reportedly “surpassed market predictions,” totaling 8.3 billion yuan (about $1.1 billion), representing a year-on-year increase of 69.4%.
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