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.

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,

Xiaomi has gained some $120 billion of market value over the past year, galvanized by a drive into EVs that’s gained momentum against much larger and more experienced rivals.