GUANGZHOU — Chinese smartphone maker Xiaomi reported early success in its electric vehicle business, but maintaining its rapid growth will hinge on boosting profit margins on the company’s mainstay mobile phones.
Xiaomi reported a 5.3 billion yuan ($732 million) net profit, up 10% on the year, for the July-September quarter. Its EV business is strong, producing its 100,000th EV on Nov. 13, only several months after the initial March release.
