Investors anxiously await an earnings report from Xiaomi Corp., following a rally that has driven its market value up $120 billion in the past year on excitement over its push into electric vehicles.

A rise in shipments of smartphones, especially in Southeast Asia, helped to boost Xiaomi's second-quarter revenue by 30.5%, the smartphone and EV company said on Tuesday, against the backdrop of a sluggish global market.

Xiaomi delivered a strong performance in the second quarter of 2025, underscoring its rapid transformation into a more diversified technology company. Growth in its EV, AI, and new initiatives businesses helped the company offset continued weakness in its core smartphone segment.

President Lu Weibing shed more light on the company’s expansion plans after reporting a 31% rise in quarterly revenue, riding the successful launch of its second EV over the summer. Xiaomi has previously described ambitions to go global,

Smartphone giant Xiaomi has shaken up China’s electric vehicle market with its first cars, the SU7 and YU7. Now, the fast-growing automaker is setting its sights on Europe.