China's Xiaomi has raised its electric vehicle (EV) delivery target for the third time this year, aiming for 130,000 units by the end of 2024.

This comes as the company reported a 30.5% increase in third quarter revenue.

Xiaomi CEO Lei Jun announced the revised target, up from the previous goal of 120,000 units for its first EV, the SU7 sedan.

This new target significantly surpasses the initial goal of 76,000 units set at the car's launch earlier this year.

Xiaomi said it EV business has exceeded expectations in Q3 2024, with revenue from smart EVs and new initiatives reaching 9.7bn yuan, driven by a 17.1% gross profit margin.

The company delivered 39,790 Xiaomi SU7 Series vehicles in Q3, bringing total deliveries to 67,157 by September 30, 2024.

In October, monthly deliveries surpassed 20,000, and the company achieved a cumulative production of 100,000 vehicles by mid-November.

Xiaomi noted that its sales network expanded to 127 smart EV centers across 38 cities by September.

The Xiaomi SU7 Ultra also made headlines in October, setting a Nürburgring Nordschleife lap record for the "World's Fastest Four-Door Car" at 6' 46"874, the Chinese company said.

Pre-orders for the SU7 Ultra, priced at RMB814,900, hit 3,680 vehicles within 10 minutes. The mass-produced model is set for release in March 2025.

The SU7, launched in March, features design elements inspired by Porsche and is priced under $30,000, making it $4,000 cheaper than Tesla's Model 3 in China.

EV and plug-in hybrid sales in China have surged, accounting for over half of total vehicle sales in the country.

To meet the growing demand, Xiaomi has doubled its production shifts since June and introduced the premium SU7 Ultra model, priced above $110,000, according to Reuters.

Xiaomi president Lu Weibing stated that the factory now has the capacity to produce 20,000 cars per month, with potential for further expansion.

Weibing also said: "Our investment is still very substantial, and we continue to improve our hardware and software. And basically, it doesn't matter what the ultimate delivery level is, we are still investing very heavily. We are working on R&D (research and development) for new models."

For the quarter ending 30 September, Xiaomi's revenue reached 92.5bn yuan ($12.77bn).

During the same quarter, Xiaomi maintained its position as the world's third-largest smartphone maker, with shipments of 42.8 million units, a 3% increase, capturing 14% of the market, according to Canalys.

Lu also mentioned plans to increase the number of offline retail stores in mainland China from 13,000 to 15,000 by year's end and to 20,000 next year, alongside investments in technology to boost market share.