Xiaomi’s Meteoric Rise: From Smartphones to EVs, the Tech Giant’s Next Big Leap

Xiaomi, the Chinese tech powerhouse, has long been known for its innovative and affordable smartphones. But in 2024, the company took a bold step into uncharted territory—the electric vehicle (EV) industry. And it seems to be paying off in spectacular fashion.

With its share price skyrocketing, Xiaomi is proving that it’s no longer just a smartphone company. It's evolving into a multi-industry disruptor, seamlessly blending AI, smart devices, and automobiles under its ambitious “Human x Car x Home” strategy. Here’s how the company is making waves across industries and why its future looks brighter than ever.

Xiaomi SU7 Ultra launching in Mar 2025. Source: Xiaomi Q32024 presentation

📈 Financial Performance: A Record-Breaking Quarter

In Q3 2024, Xiaomi reported record revenues of RMB 92.5 billion, a 30.5% YoY increase. Its adjusted net profit grew 4.4% YoY to RMB 6.3 billion, while cash reserves hit RMB 151.6 billion (+18.7% YoY). This remarkable growth was fueled by three key pillars:

✅ Smartphones & AIoT – RMB 82.8 billion in revenue (+16.8% YoY)

✅ Smart EVs & New Initiatives – RMB 9.7 billion in revenue (+52.3% QoQ)

✅ Internet Services – RMB 8.5 billion in revenue (record high)

With strong profitability and expanding revenue streams, Xiaomi is solidifying its position as a tech giant beyond just smartphones.

📱 Smartphones: Strengthening Its Global Foothold

Despite intense competition, Xiaomi remains the world’s #3 smartphone brand with a 13.8% global market share. The company shipped 43.1 million units in Q3, a 3.1% YoY increase.

What’s driving this growth?

✨ Premiumization: Xiaomi’s high-end models now make up 21.3% of total smartphone sales in China. The latest Xiaomi 15 series achieved 1 million units sold faster than its predecessor.

✨ Market Expansion: Xiaomi ranked Top 3 in 52 markets globally and Top 5 in 69 markets.

✨ E-commerce Domination: It topped JD.com and TMALL in China’s Double 11 Shopping Festival, with offline store GMV up 65% YoY.

Takeaway? Xiaomi is not just growing—it’s capturing the premium segment and maintaining strong international presence.

🚗 The EV Game-Changer: Xiaomi SU7

Perhaps the most exciting part of Xiaomi’s expansion is its electric vehicle venture. The company launched its first EV, the Xiaomi SU7, earlier this year—and it’s already a runaway success.

🚀 67,157 vehicles delivered YTD

🚀 130,000 delivery target for 2024

🚀 Bestselling EV sedan in China’s mid-to-high-end segment

🚀 Expanding dealership network: 138 stores across 38 cities

The SU7 isn’t just another EV—it’s an AI-powered, hyper-connected vehicle that seamlessly integrates with Xiaomi’s smart ecosystem. And with Xiaomi’s ambitious R&D investments, the company is aiming to dominate the smart mobility space.

🏡 AIoT & Smart Home Ecosystem: The Silent Growth Driver

Beyond smartphones and EVs, Xiaomi’s AIoT (Artificial Intelligence of Things) ecosystem is booming:

🔹 861.4 million connected devices (+23.2% YoY)

🔹 Smart wearables up 52% YoY

🔹 Smart home appliances up 44% YoY

🔹 Record-high tablet sales (+85% YoY)

With the introduction of Xiaomi HyperOS 2, the company is creating a seamless AI-powered ecosystem that connects users’ homes, devices, and even their cars.

🛠️ The Road Ahead: What’s Next for Xiaomi?

1️⃣ EV Expansion

Xiaomi is rapidly scaling its EV business, with plans to increase production and expand globally. The upcoming Xiaomi SU7 Ultra, launching in 2025, aims to be the fastest mass-produced 4-door EV.

2️⃣ AI & Smart Devices

With Xiaomi investing RMB 24-30 billion in R&D by 2025, expect major breakthroughs in AI, wearables, and smart home tech.

3️⃣ Retail & Market Expansion

From 20,000 offline stores in China to a stronger international presence, Xiaomi is aggressively growing its sales channels.

🔥 The Verdict: Xiaomi’s Future Looks Unstoppable

From leading the smartphone market to dominating AIoT and breaking into EVs, Xiaomi is rewriting the rules of what a tech company can be.

Its stock surge reflects investor confidence, but the real excitement is yet to come. With innovation, expansion, and smart execution, Xiaomi is not just keeping up with industry trends—it’s setting them.

💡 Will Xiaomi become the next Tesla of China? Or even the next Apple?

One thing is clear—it’s a company you don’t want to bet against. 🚀

Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. All investments carry risks, including potential capital loss. Readers should conduct their own research and consult a qualified financial professional before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on the information provided.