This Chinese Tesla Rival Just Recorded Its First Ever Profit From EV Sales , Xiaomi (OTC:XIACY)

Chinese tech giant Xiaomi Corp (OTC:XIACY) (OTC:XIACY) reported its first-ever profit from its EV arm as it reported its third-quarter financial results that saw overall profits soar 80.9% to RMB11.3 billion (approximately $1.5 billion).

Deliveries Surpassed 100,000 Units

Xiaomi reported a profit of RMB700 million (approximately $98.4 million) from its EV arm, according to a statement released by the company on Tuesday. Xiaomi’s EV deliveries in Q3 exceeded 100,000 units, reaching 108,796 deliveries in the quarter.

Cumulative deliveries for the first three quarters «exceeded 260,000 vehicles,» Xiaomi said in the statement.

The company also announced it had opened 402 smart EV sales centers across 119 cities in the Chinese Mainland.

Tesla’s China Decline

Xiaomi’s surge coincides with Tesla Inc.‘s (NASDAQ:TSLA) declining sales in the Chinese market, as the Elon Musk-led automaker’s sales fell 36% YoY in October, as the company reported 26,000 units sold in the country.

Tesla’s Gigafactory in Shanghai sold over 61,497 units of the Model Y SUV and the Model 3 Sedan, including exports, in October, a 9.9% decline from last year. The EV giant’s sales fell in China during October despite a strong September performance, which saw Tesla’s second-highest monthly sales tally this year.

Xpeng Doubles Down On Autonomous Driving

Xpeng Inc. (NYSE:XPEV), during its third-quarter earnings call, shared that the company would be releasing 3 Robotaxi models next year, adding that the company’s technology was not dependent on LiDAR. Xpeng CEO He Xiaopeng also shared that the company’s pilot Robotaxi operations would begin in China next year.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next:

Image via Shutterstock