China’s Xiaomi (OTC:XIACF) reported a 48.8% rise in fourth-quarter revenue on Tuesday, boosted by strong electric vehicle and smartphone sales.

Revenue totalled 109 billion yuan ($15.09 billion) in the October-December period, versus the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG.

Adjusted net profit rose 69.4% from the same period a year earlier to 8.32 billion yuan, compared with the 6.399 billion yuan average analyst estimate.