Xiaomi rose 6% in Hong Kong and has more than doubled this year, thanks to strong earnings and a better-than-expected EV business.

Xiaomi is in the process of constructing its own GPU cluster to support its growing investment in AI models, according to Chinese media outlet Jiemian. The company’s AI model team began with 6,500 GPU resources upon its establishment in April 2023. During the announcement of the team’s formation, CEO Lei Jun emphasized Xiaomi’s long-standing commitment to AI, highlighting its AI Lab, Xiao Ai voice assistant, and autonomous driving teams.

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.