Asia
Xiaomi Beats Estimates With Electric Vehicles Gaining Steam
- Xiaomi again raises delivery target for SU7 sedan for 2024
- The firm expects EV and smartphone business to grow in 2025
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Xiaomi Corp.’s quarterly revenue exceeded analyst expectations as the smartphone company gained a foothold in the cutthroat electric vehicle sector it entered in March.
Sales rose 31% to 92.5 billion yuan ($12.8 billion) in the September quarter, according to a company statement on Monday, higher than the average estimate of 90.3 billion yuan from analysts surveyed by Bloomberg. About 9.5 billion yuan in revenue came from its EV business, which together with other new initiatives incurred an adjusted net loss of 1.5 billion yuan.