Xiaomi Corp. has increased its full-year delivery target for electric vehicles (EVs) to 350,000 units, reflecting its ambitious expansion into the EV market to stimulate growth. The Beijing-based company has made significant strides in enhancing its EV production capabilities, as announced by its billionaire co-founder on Weibo. This move comes after a successful initial venture into EVs, which has seen the company’s shares quadruple over the past year. Previously, the target was set at 300,000 cars for the year, with the aim of diversifying Xiaomi’s portfolio beyond its core businesses of mobile phones and home connected devices. The company now competes in an arena dominated by larger players such as Tesla Inc. and BYD Co.