Xiaomi ascends to 338th on the vaunted Fortune Global 500 list
Since their debut as a plucky up and comer offering value for money phones in 2010, Xiaomi has grown from strength to strength. Today, they’ve now become the 338th in the prestigious Fortune Global 500 list which is an impressive achievement indeed.
The rise to 338th position marks a meteoric jump from 422nd near the tail end last year in 2020, with a whopping 84 position climb over other companies across a host of other industries on account of a respectable RMB245.9 billion in total revenue in 2020.
A selection of products manufactured by Xiaomi ranging from scooters to smartphones
In Q1 2020, XIaomi’s total revenue for the period was RMB76.9 billion which is an increase of 54.7% year-over-year while net profit adjusted for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year. This ascent makes them the fastest growing company in the Internet and retail Category, which is a rather lofty achievement.
“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 make 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,” said Lei Jun, Founder, Chairman and CEO of Xiaomi.
While Xiaomi is best known for their phones and ecosystem of devices that range from lights to rice cookers, they’re delving into electric vehicles too with an announcement in March 2021 that they will enter the electrical vehicle market with total investments over the next decade estimated to be US$10 billion with an initial investment phase costing RMB 10 billion.
For more details check out their official post at https://blog.mi.com/en/2021/08/02/xiaomi-advances-to-338th-on-fortune-global-500-becoming-the-fastest-rising-company-at-the-internet-and-retail-category-in-2021/