Xiaomi has been included on the Fortune Global 500 list for the third consecutive year, rising to 338th in 2021. This is compared to its previous 422nd ranking in 2020. The 2021 ranking makes it the fastest-growing company in the Internet and Retail Category on the Fortune Global 500 list of the year.
“Compared to our past achievements, I’m more focused on our potential growth. Xiaomi is still a very young yet ambitious company, full of motivation. I’d like to sincerely thank our Xiaomi Fans around the world as your unwavering support has helped made Xiaomi so lively and energetic. I think that this is not the limit for Xiaomi, and I am confident that people will see an even stronger, more powerful Xiaomi in the future, and we will achieve a much more outstanding record in the Fortune Global 500 list next year.” Lei Jun, Founder, Chairman and CEO of Xiaomi
The company’s total revenue amounted to RMB 245.9 billion in 2020, according to its earnings report. This cemented its 338th ranking on the 2021 Fortune Global 500 list. The Chinese tech company is riding a strong momentum of rapid growth in 2021 and has exceeded the market expectations.
In the first quarter of 2021, Xiaomi’s total revenue for the period amounted to RMB 76.9 million, representing a 54.7% increase year-over-year. Moreover, its adjusted net profit for the period came in at RMB 6.1 million with an increase of 163.8% year-over-year.
Its focus on core technologies has been the driving force in creating an enhanced user experience and has strengthened its high-end market segments through the Mi 10 and Mi 11 series. In Q1 2021, the global shipments of Xiaomi smartphones priced at RMB 3,000 or above in mainland China and priced at EUR 300 and above in global markets exceed 4 million.
On July 16, the company announced that it had surpassed Apple with a 17% share of smartphone shipments according to Canalys. The Chinese tech giant exceeded 300% year-on-year growth in Latin America, over 150% growth in Africa, and greater than 50$ growth in Western Europe.
Its smartphones have entered over 100 markets worldwide, ranking number one in smartphone market share across at least 12 markets and ranking second in Europe in terms of market share. Meanwhile, it has ranked number one in India for 15 consecutive quarters.
Xiaomi’s physical stores have experienced fast expansion since 2020. The total number of stores in China surpassed 5,500 at the end of April 2021 and more than 1,000 stores in international markets.
Additionally, it has continued to invest in R&D and talent creating a series of reward structures for its R&D team and initiating the second phase of the Xiaomi Smart Factory project.
The company has also proactively entered the smart electric vehicle market. In March 2021, it announced that the company will set up a wholly-owned subsidiary led by CEO Lei Jun to operate the smart electric vehicle business. The initial phase of investment will be RMB 10 billion.