Xiaomi Sales Beat Estimates on EV, Smartphone Growth

Xiaomi Corp. reported better-than-expected revenue in the March quarter as it moves to aggressively expand its presence in China’s EV market and grow its core smartphone business.

Revenue rose to 111.3 billion yuan ($15.5 billion), Xiaomi said in a statement Tuesday, beating the average analyst estimate of 109 billion yuan. The company recorded 75,869 deliveries of its SU7 sedan during the period. Its Internet of Things division, which sells products ranging from home appliances to wearable tech, was a strong performer with revenue growth of nearly 60% from a year earlier.