Smartphone Manufacturer Xiaomi Expects Profitability from Electric Vehicles.

Founder of Xiaomi Corp. Lei Jun believes that the electric vehicle manufacturing company will become profitable by the end of the year. This is a very important moment for the enterprise, which has found itself in a competitive environment. Following Lei's statement at an investment event on Tuesday, Xiaomi's shares rose by more than 3% in Hong Kong.

Reduction of Losses and Xiaomi's Future Plans

After BYD Co., the largest electric vehicle manufacturer in China, announced price reductions, Lei expressed confidence in the company’s success. Xiaomi has recorded losses in its EV division, but over the past few quarters, this figure has been gradually decreasing, indicating positive trends in their operations.

Lei Jun is confident that the company’s efforts in electric vehicle production will show profits by the end of the year. Despite fierce competition in the market, Xiaomi plans to secure its place among the leaders and is ready for challenges in this automotive arena.

The founder of Xiaomi is confident in the company’s success in electric vehicle manufacturing, even in tough competitive battles. Although Xiaomi initially recorded losses in this sector, their reduction indicates positive developments that may contribute to achieving profitability even by the end of this year.