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Xiaomi’s Q2 results make the company look less like a smartphone brand and more like a broader consumer-tech platform 👀 The EV business continued to accelerate as deliveries grew, while smartphones faced higher costs and intense competition. What stood out to me is how quickly the balance of the growth story seems to be shifting 🚗 I wouldn’t say EVs have already replaced smartphones as Xiaomi’s core engine. Phones still provide the scale, users and ecosystem that support the wider business.