China’s Xiaomi has reported that its electric vehicle business has made a profit for the first time.
The company’s EV division posted a profit of 700 million yuan (US$100m) in the September quarter, versus a loss of 300 million yuan in the previous quarter.
Best known for its smartphones, Xiaomi sold its first electric car in China – the SU7 – in 2024, and launched its YU7 electric SUV earlier this year.
Earlier this it also raised $5.5bn to fund its EV expansion plans.
The company is targeting European market entry in 2027.
In September, Xiaomi opened the Xiaomi EV Europe Research and Development (R&D) and Design Center in Munich, Germany — its first such facility beyond its domestic market.
