Making money from EVs is notoriously hard. Xiaomi just joined a tiny list of carmakers doing it.

One of Tesla's most fearsome Chinese rivals has just cracked the code to profiting from EVs. 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 ...