Xiaomi’s automotive unit makes a profit for first time

Core Insights - Xiaomi's electric vehicle (EV) division has reported a profit of 700 million yuan (approximately US$100 million) in the September quarter, marking its first profitable quarter after a loss of 300 million yuan in the previous quarter [1][2] - The company launched its first electric car, the SU7, in China in 2024 and introduced the YU7 electric SUV earlier this year [1] - Xiaomi has raised $5.5 billion to support its EV expansion plans [1] Market Expansion - The company is planning to enter the European market by 2027 [2] - In September, Xiaomi established its first EV Research and Development (R&D) and Design Center in Munich, Germany, marking its first facility outside of China [2]