Xiaomi Raises Production Target for Marquee EV to Take On Tesla

(Bloomberg) — Xiaomi Corp. aims to deliver 120,000 of its SU7 electric vehicles (EVs) this year, increasing its target for a car it hopes will compete with Tesla Inc. and fuel its broader ambitions.

President Lu Weibing made the announcement after Xiaomi reported its fastest quarterly revenue growth in more than two years, reflecting an improved smartphone market. Revenue rose 27% to 75.51 billion yuan ($10.5 billion) in the March quarter, 2.7% above the average estimate.