Xiaomi Corp's third-quarter revenue increased by an impressive 30.5%, thanks to the strong demand for its first electric vehicle, the SU7 sedan.

The company's revenue for the quarter ending September 30 was 92.5 billion yuan ($12.77 billion), surpassing analyst expectations of 91.1 billion yuan.

The SU7, which was launched in March with a starting price of under $30,000, has led Xiaomi to raise its sales target for the year to 130,000 units, up from the initial goal of 76,000.

Despite the increase in revenue, Xiaomi's auto division is still operating at a loss, with an adjusted loss of 1.5 billion yuan for the quarter and a gross profit margin of 17.1%.

To meet the demand, the company has doubled production shifts since June and introduced a premium model, the SU7 Ultra, which is priced above $110,000.

Xiaomi also maintained its position as the world's third-largest smartphone maker, with shipments of 42.8 million units, capturing 14% of the market, according to Canalys.

The adjusted net profit rose by 4.4% to 6.25 billion yuan, exceeding the consensus estimate of 5.92 billion yuan.