Xiaomi Corp has unveiled better-than-expected results for the third quarter, thanks in part to soaring electric vehicles sales following its entry to the market earlier this year.
Some 39,790 Xiaomi SU7 Series vehicles were delivered over the quarter, taking the year-to-date total to 67,157 and leaving the company targeting 130,000 sales for 2024.
Revenue climbed 31% to 92.5 billion yuan ($12.8 billion), surpassing expectations for 90.3 billion yuan, while pre-tax profit jumped 16% to 6.8 billion yuan.
Electric vehicle sales generated 9.5 billion yuan, after Xiaomi entered the market with the release of its SU7 Series in March.
“We continued to ramp up production and achieved our goal of cumulative production of 100,000 vehicles on November 13,” the company said in a statement, adding nearly 20,000 cars had been sold in October alone.
Smartphone sales brought in 47.5 billion yuan in the meantime, while internet of things and internet services revenue sat at 26.1 billion yuan and 8.5 billion yuan respectively.