Chinese technology company Xiaomi says it has turned a profit from its electric vehicle (EV) and artificial intelligence businesses in the third quarter, marking the first time the units have swung into black, with overall profits surging nearly 81 per cent from a year earlier.
By contrast, revenue from the smartphone segment – which remains Xiaomi’s bread and butter – grew only 1.6 per cent to 84.1 billion yuan, partly because sales of the Xiaomi 17 series, launched in late September, were not reflected in the quarter’s figures.
While Xiaomi’s smartphones contributed about three-quarters of total revenue, the surge in EV sales and profit underlined Xiaomi’s increasing bets on EVs and the company’s growing clout in the sector, raising hopes of a solid path for future growth.
