Xiaomi Founder Expects EV Arm to Turn Profitable After New SUV
Xiaomi Corp. founder Lei Jun expects its year-old EV business to turn profitable in the second half, a milestone for the billionaire's $10 billion endeavor in a cut-throat market.
Xiaomi's shares advanced more than 3% in Hong Kong. Lei delivered his forecast during a Tuesday investor event without specifying the type of profit. His company has enjoyed strong sales of its SU7 sedan since its launch a year ago, which helped narrow losses in that division in recent quarters.
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