Xiaomi Reports Record Q1 Revenue, Profit on Smartphone, EV Growth

Xiaomi reported record-breaking financial results for Q1 2025, with revenue surging 47.4% year-over-year to $15.4 billion and net profit increasing 64.5% to $1.48 billion, driven primarily by strong performance in its smartphone, AIoT, and electric vehicle (EV) divisions. The company reclaimed the top smartphone spot in Mainland China with an 18.8% market share and solidified its premiumization strategy, with a growing share of high-end device sales. Xiaomi’s EV division delivered 75,869 SU7 sedans in the quarter, expanding its sales network despite operating losses of about $70 million, reflecting ongoing investment in this nascent business. The recently announced YU7 electric SUV, expected to launch in July, targets a broader market segment and is priced above Tesla’s Model Y, signaling Xiaomi’s ambition to compete in the premium EV market. Xiaomi’s IoT and lifestyle product segment also experienced robust growth, with over 943 million connected AIoT devices and the company ranking first globally for wearables and second in true wireless earbuds. Despite some challenges including a fatal EV crash and marketing criticism, Xiaomi’s overall strategy focusing on high-quality and premium products has significantly boosted its global presence and financial strength.