Core Insights - Xiaomi Corp reported its first-ever profit from its EV arm, with overall profits increasing by 80.9% to RMB 11.3 billion (approximately $1.5 billion) in Q3 [1] Group 1: Financial Performance - The company achieved a profit of RMB 700 million (approximately $98.4 million) from its EV division [2] - Overall profits for Xiaomi soared by 80.9% to RMB 11.3 billion (approximately $1.5 billion) [1] Group 2: EV Deliveries - Xiaomi's EV deliveries in Q3 surpassed 100,000 units, reaching 108,796 deliveries [2] - Cumulative deliveries for the first three quarters exceeded 260,000 vehicles [2] - The company opened 402 smart EV sales centers across 119 cities in Mainland China [2] Group 3: Market Context - Xiaomi's growth in the EV sector coincides with a decline in Tesla's sales in the Chinese market, which fell by 36% year-over-year in October [3] - Tesla's Gigafactory in Shanghai sold over 61,497 units of the Model Y SUV and Model 3 Sedan in October, marking a 9.9% decline from the previous year [4] Group 4: Competitor Developments - Xpeng Inc. announced plans to release 3 Robotaxi models next year, emphasizing that its technology does not rely on LiDAR [5] - Xpeng's pilot Robotaxi operations are set to begin in China next year [5]