In Beijing, China, Xiaomi announced on Tuesday that its revenue for the fourth quarter increased by 48.8%, driven by strong sales of electric vehicles and smartphones. Total revenue for the October-December period reached 109 billion yuan ($15.09 billion), surpassing the average estimate of 103.94 billion yuan from 17 analysts. Adjusted net profit also saw a 69.4% rise from the previous year to 8.32 billion yuan, exceeding the average analyst estimate of 6.399 billion yuan. The exchange rate is $1 to 7.2240 Chinese yuan renminbi. The information was reported by Che Pan and Brenda Goh.