Xiaomi Q2 revenue beats estimate, reveals auto unit sales

BEIJING: China’s Xiaomi Corp on Wednesday reported higher-than-expected revenue for the second quarter, revealing for the first time its auto business unit’s contribution of 6.2 billion yuan ($869.2 million).

For the three months ending in June, Xiaomi’s revenue rose 32% to 88.9 billion yuan, beating the 85.8 billion yuan estimated by analysts, according to LSEG.

The company first announced its entry into the EV business in 2021 as a diversification from its core smartphone operations.