Xiaomi's advanced electric sedan is grabbing headlines on the track and in the streets. The SU7 Ultra recently secured the title of fastest production electric vehicle (EV) to lap the Nurburgring Nordschleife. Yet, this electric marvel is not solely about ...

The move marks the first overseas foray for Xiaomi's cars, which have proved enormously popular in China and wowed Western auto executives.

Xiaomi’s second-quarter numbers just came out, and they’re not what the market expected—they’re bigger. The company’s revenue jumped 31% year-on-year, hitting 116 billion yuan ($16.2 billion), which narrowly beat analyst predictions of 115 billion.

A rise in shipments of smartphones, especially in Southeast Asia, helped to boost Xiaomi's second-quarter revenue by 30.5%, the smartphone and EV company said on Tuesday, against the backdrop of a sluggish global market.

Xiaomi Corporation on Tuesday posted much stronger-than-expected profit for the second quarter as margin of its emerging electric vehicle (EV) business offset weakening smartphone unit. Credit：Xiaomi Auto Xiaomi shattered quarterly records of both the top and bottom line.

That said, smartphone revenue and ASP slipped this quarter. Xiaomi follows up on its record-setting Q1 with a similarly strong Q2 result this year.

Record-high revenue from Xiaomi’s Internet-of-Things business and robust EV sales offset slightly lower smartphone revenue.

Xiaomi plans to enter Europe’s EV market by 2027 and compete with Tesla and BYD. The company expects its car division to become profitable by the end of this year. BMW and F1 veterans have joined Xiaomi to develop its new European R&D center.