By Jiahui Huang

Chinese consumer-electronics specialist Xiaomi will join the electric-vehicle charging networks of rivals NIO, XPeng and Li Auto, giving customers of its emerging auto business access to tens of thousands of charging stations in China.

Xiaomi said in a Weibo post Wednesday that its cars can now be used at more than 14,000 charging stations developed by NIO, 9,000 by XPeng and 6,000 by Li Auto. It didn't provide further details of the deals.

CCB International analyst Qu Ke described the tie-ups as "a natural move for Xiaomi to make the most of available resources."

Xiaomi, known mainly for its smartphones and home appliances, is a late entrant to the world's biggest market for EVs, but it has seen robust sales performance in the crowded and competitive space. Its EV business launched its first car in March, with the segment going on to generate 9.7 billion yuan in revenue, equivalent to $1.33 billion, in the third quarter. The business's gross profit margin improved to 17.1% from 15.4% in the second quarter.

Xiaomi reached its 2024 delivery goal of 100,000 units in November, earlier than expected, prompting it to raise its annual target to 130,000 units.

Shares of the company, which closed at 32.75 Hong Kong dollars before the Christmas holiday break, have more than doubled this year, thanks to strong earnings and a better-than-expected EV business.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

December 26, 2024 00:07 ET (05:07 GMT)

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