"Smartphone maker Xiaomi said on Tuesday that its electric vehicle business had turned a quarterly profit for the first time, less than two years after launching its first car. The Apple rival's EV, AI, and other new initiatives division reported a gross profit of $98.5 million for the quarter ending in September. Revenues in the division hit a record high of $4 billion, with 28.3 billion yuan ($3.98 billion) coming from EV sales and 0.7 billion yuan ($98.5 million) from "related businesses.""
"Like Western rival Apple, the Chinese tech giant invested billions in building an electric car to rival Tesla and BYD - but unlike Apple, Xiaomi actually managed to ship an EV, launching the sleek SU7 sedan in March 2024. The SU7 was a smash hit, selling over 130,000 units last year, and Xiaomi's second vehicle, a Tesla Model Y competitor called the YU7, amassed 240,000 preorders in 24 hours when it launched in June 2025."
Xiaomi's EV, AI, and new initiatives division posted a gross profit of $98.5 million for the quarter ending in September and record revenues of $4 billion. The division recorded 28.3 billion yuan from EV sales and 0.7 billion yuan from related businesses. Xiaomi launched the SU7 sedan in March 2024, which sold over 130,000 units last year; the YU7 drew 240,000 preorders in 24 hours in June 2025. Deliveries exceeded 100,000 EVs in the third quarter, up from about 40,000 a year earlier. Reaching profitability in under two years places Xiaomi among the few automakers that avoided the "Valley of Death" for EV startups.
Read at Business Insider
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