Title: Xiaomi Ramps Up Electric Vehicle Business with $1.3 Billion in Q3 Revenue

Beijing, China - Chinese electronics giant Xiaomi continued to make strides in its nascent electric vehicle (EV) business, posting a significant surge in revenue for the division in the third quarter.

As of October 31, Xiaomi's EV segment reported a whopping 52.3% increase in revenue compared to the same period last year, amounting to 9.7 billion yuan ($1.3 billion). This growth comes as the company's president attributed it to the increasing demand for its electric vehicles and their corresponding costs being better managed.

The quarterly performance is seen as a welcome reprieve for Xiaomi's beleaguered EV division, which had faced mounting pressure over the last year. According to recent reports, the division's net loss narrowed significantly, dropping to 1.5 billion yuan from the previous quarter's figure of no less than 4.3 billion yuan.

While still not as commercially viable as its smartphone business, Xiaomi's electric vehicle segment remains a crucial playmaker in a fast-evolving car industry landscape. Notably, the division now contributes over 10% to the company's total revenue, underscoring Xiaomi's commitment to scaling up its presence in this key market.

The development is a positive development for Xiaomi investors and underscores the company's potential for growth in an increasingly electrified automotive sector. Stay tuned for more updates on China’s rapidly shifting technological landscape.