Xiaomi’s electric vehicle business has turned a profit for the first time, with a 700 million yuan profit in the September quarter, compared to a 300 million yuan loss in the previous quarter. The company sold its first electric car in China in 2024 and recently launched the YU7 electric SUV. Xiaomi also raised $5.5bn for its EV expansion plans and aims to enter the European market in 2027. They have opened their first R&D center in Munich, Germany.

Read more at Yahoo Finance: Xiaomi’s automotive unit makes a profit for first time