No retail company has climbed the Fortune Global 500 faster than Xiaomi this year
Xiaomi has been on the Fortune Global 500 for three consecutive years, with the 2021 list showing that the Chinese smartphone giant has made the biggest leap in a company’s ranking in the internet and retail category.
With revenues of $ 35.6 billion in the last fiscal year, an increase of 19.6% year-on-year, Xiaomi has climbed 84 places to 338th place on the 2021 list of the world’s highest paying companies, which Fortune magazine published on Monday.
Xiaomi makes most of its income from smartphones. In the second quarter of this year, it overtook Apple for the first time to become the world’s second-largest smartphone maker, with a 17% market share, just 2 percentage points lower than Samsung, according to the research firm. Canalys. The Beijing-based company also announced plans to expand into manufacturing smart cars to grab a booming market share.
Other Chinese internet and retail giants include Huawei, JD.com, Alibaba, Tencent and Lenovo, ranking 44th, 59th, 63rd, 132nd and 159th respectively.
Chinese state-owned electricity distributor State Grid was the country’s highest entry, ranking second behind US retailer Walmart after increasing revenue 0.7% to $ 386 billion.
Related: By Closer To Samsung, Xiaomi Dethrones Apple To Become The Global No.2 Selling Smartphones