Xiaomi Sales Grow Fastest Since 2021 After EV Business Kicks Off

(Bloomberg) — Xiaomi Corp. reported its fastest pace of revenue growth since 2021, buoyed by the initial success of its first electric vehicles (EVs) and a global smartphone market bounce back.

Sales rose a better-than-projected 32% to 88.9 billion yuan ($12.5 billion) in the June quarter, boosted by roughly 6.2 billion yuan of revenue from its EV division. Net income also beat expectations at 5.1 billion yuan, after a one-time investment gain of almost 550 million yuan. But it booked an adjusted loss of about 1.8 billion yuan from the autos arm.