Xiaomi’s automotive unit makes a profit for first time

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 Europea ...