Xiaomi rises to 338th position on Fortune Global 500
Xiaomi has advanced to 338th position in 2021, advancing 84 places from its position as 422nd in 2020. The company has succeeded to retain on the Fortune Global 500 list. The drastic jump on the list has made Xiaomi the fastest-growing company in the internet and Retail category.
Xiaomi is a consumer electronics and smart manufacturing company that manufactures smartphones, smart hardware, and the internet of things platform at its core. Xiaomi, since its establishment back in April 2010, is pursuing to provide a high-quality experience and operational efficiency to its customers. Moreover, Xiaomi is ranked 3rd globally in terms of smartphone shipments.
Most of the revenue and profits of the company are acquired through the sales of smartphones. Xiaomi has been bringing new innovative changes in the smartphone and accessories. The new Mi 11 and Mi 11 Lite is also gaining positive response in the market.
Xiaomi’s success to 338th Global Fortune 500
And, on the Fortune Global 500 list, Xiaomi proved its worth by improving to such a great extent. As per the earnings report, the total revenue of Xiaomi amounted to RMB 245.9 billion in 2020, making the company 338th on the Fortune list. Xiaomi has escalated its revenue and net profit compared to 2020. As per the first quarter report of 2021, the total revenue of Xiaomi increased to RMB 76.9 billion which had increased by 54.7% year over year (YoY). Similarly, the adjusted net profit amounted to RMB 6.1 billion which had increased by a whopping 163.8% year over year (YoY).
Moreover, as per the reports of the first quarter of 2021, the global shipments of Xiaomi smartphones exceeded 4 million with smartphones priced at RMB 3,000 or above in China and priced at 300 Euros or above in international markets.
The great leap on the Global Fortune 500, undoubtedly, has been possible due to the increased global shipment of Xiaomi. According to the Canalys report on July 16, Xiaomi surpassed Apple and became the second-largest company with global smartphone shipments. Xiaomi held the second position with a 17% share of global smartphone shipments. As per the reports, Xiaomi exceeded 300% year on year (YoY) in the Latin American market, over 150% in Africa, and more than 50% in Western Europe. Another astounding fact is that Xiaomi is the only brand that has entered over 100 markets worldwide. The brand ranks second in Europe in terms of market share. Moreover, for the past 15 consecutive quarters, Xiaomi has retained the number one position in India.
Besides the escalating profits and revenue in smartphones and other devices, Xiaomi has recently announced the introduction of a wholly-owned subsidiary to operate a smart electric vehicle business. The plan will require a total investment of US $10 billion over the following 10 years. We can expect the company to make more significant growth with new innovations as such.