Since Xiaomi is seeing so much financial success, will it enter Malaysia in 2025?
When Xiaomi first announced that it would be shifting from making smartphones to building electric vehicles (EVs), everyone was skeptical, and understandably so. After all, there have been so many cases of buyers returning their Xiaomi SU7’s and the EV suffering multiple breakdowns but this apparently has not held the brand back at all.
Despite the problems, Xiaomi has achieved a major milestone in surpassing 100 billion yuan (over RM61 billion) in revenue for the first time in the fourth quarter of 2024. The company’s record-breaking results demonstrate its rapid growth across various sectors, including smartphones, smart home devices and yes, even EVs.
Moreover, Xiaomi chairman Lei Jun described the brand’s financial performance as the “strongest annual report ever” on social media, highlighting Xiaomi’s impressive strides in its core business and emerging areas like EVs. Xiaomi’s fourth-quarter revenue for 2024 also reached an all-time high of 109 billion yuan, reflecting a 48.8 percent year-on-year increase.
This significant growth resulted in a net profit of 9 billion yuan (about RM5.4 billion) for the quarter, marking a 90.4 percent rise from the same period last year. The company also delivered 136,854 vehicles in 2024, achieving a milestone of 200,000 EVs delivered by mid-March 2025.
Xiaomi’s foray into the smart EV market has yielded mixed results but it still has surpassed its annual sales target of 10,000 units ahead of schedule. As part of the company’s continued expansion in the EV space, Lei Jun announced an ambitious new target, Xiaomi aims to deliver 350,000 EVs by 2025.
On top of that, this announcement showcases the company’s commitment to growing its EV business and accelerating its transition into the next phase of smart mobility. Despite facing an adjusted net loss of 6.2 billion yuan (around RM6.7 billion) in its ventures, such as its EV division, Lei Jun emphasized Xiaomi’s ongoing dedication to advancing its smart EV business.
Xiaomi remains focused on integrating cutting-edge technologies to enhance user experience and drive future growth in the EV market. Xiaomi’s strong financial performance, coupled with its ambitious targets for EV deliveries, positions the company as a major player in both the tech and automotive industries.
So now that Xiaomi is doing so well in more than one sector, will it use this success to capitalise on a new market, perhaps the Malaysian market?
