The Chinese smartphone and electronics maker said its first-quarter net profit more than doubled from a year earlier to 10.92 billion yuan.

Never mind its growing EV business, the world’s third biggest smartphone manufacturer is trying to reposition itself as a premium brand to rival Apple and Samsung, and it seems to be working. In its latest earnings report Xiaomi notes its 15 Ultra flagship has sold 90 percent more than last year’s 14 Ultra during its first month or so on sale,

Xiaomi Corp. reported better-than-expected revenue in the March quarter as it moves to aggressively expand its presence in China’s EV market and grow its core smartphone business.

Xiaomi launched its first auto, the SU7, in March last year, which brought income of CNY605.2 million in its debut quarter. Deliveries reached 75,869 last quarter, while total shipments have exceeded 258,000 units.

Xiaomi's growth is backed by strong R&D and market competitiveness. Discover insights on its valuation, chip innovation, and a 31% potential upside. Click to read more on XIACY.

Xiaomi has announced its custom XRING 01 smartphone chip, and it could take the fight to the Snapdragon 8 Elite and other chips.

Chinese Phone blog dedicated to providing breaking news, expert reviews, Chinese Phones, Android Apps, Chinese Android Tablets and how tos.