Xiaomi Corp. raised its full-year delivery target of electric vehicles to 350,000 units as the company is venturing into the nascent field to drive growth.
The Beijing-based company has made progress in expanding its EV production capacity, its billionaire co-founder Lei Jun said in a post on Weibo on Tuesday.
Xiaomi’s shares have quadrupled over the past year after a successful initial foray into EVs, an arena dominated by far larger competitors Tesla Inc. and BYD Co. Lei previously set a target to deliver 300,000 cars this year, aiming to grow Xiaomi beyond its traditional business of mobile phones and home connected devices.
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