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Investing.com -- Xiaomi (OTC:XIACF)’s electric vehicle (EV) business, which is just a year old, is expected to start generating profits later in the year, according to CEO Lei Jun. The announcement was made during a recent company investor event and later confirmed by a spokesperson for Xiaomi.
The company’s EV unit, Xiaomi EV, has been consistently delivering strong performance. As it gears up to release a new model, the unit announced on Weibo (NASDAQ:WB) that it delivered over 28,000 vehicles in May. However, an exact figure was not provided.
This is not the first time the company has achieved such high delivery numbers. In fact, this marks the eighth month in a row that Xiaomi EV has surpassed the 20,000 monthly deliveries mark. Interestingly, the May delivery figure is identical to the one reported in April, which was also "over 28,000 units."
The strong delivery performance and the upcoming launch of a new model are positive indicators for the company’s EV business. These developments, combined with the CEO’s prediction of profitability later in the year, indicate a promising future for Xiaomi’s EV venture.
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