Xiaomi’s EV business registers a profit for the first time

Xiaomi Corp. reported quarterly profit from its electric vehicle (EV) business for the first time, a major milestone for the smartphone maker's ambitious foray into the crowded market.

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The company’s EV division, which sold its first car last year, posted a profit of 700 million yuan ($98 million) in the September quarter. That reversed a loss of 300 million yuan in the previous three months, and helped the Beijing-based company more than double net in