Xiaomi Corp is prioritizing growth over profitability in its new electric vehicle (EV) business, aiming to compete with industry giants like Tesla and BYD within the next 15 to 20 years. Despite posting an adjusted net loss of 1.8 billion RMB ($252 million) in the second quarter, Xiaomi is focused on scaling its EV operations, with plans to deliver 120,000 vehicles in 2024, up from an initial target of 100,000. The company is expanding its EV lineup, developing new models like a sport utility vehicle similar to Tesla’s Model Y, and exploring global expansion, though it is currently focused on meeting demand in China. Shares rose 8.5% after the company reported its fastest quarterly revenue growth since 2021, fueling investor optimism about its future in the EV market.