A surge in revenues for Chinese Xiaomi as sales of its first electric car rebound.

Chinese electronics company Xiaomi announced a quarterly revenue increase of 30.5% during the third quarter of the year, driven by rising consumer demand for Xiaomi's sedan model SU7.

In this context, quarterly revenues reached 92.5 billion yuan (approximately $12.77 billion) for the quarter ended September 30, surpassing the consensus estimates of LSEG analysts, which were valued at 91.1 billion yuan.

Xiaomi launched an electric car last March, entering the electric vehicle market in China with a competitive price - under $30,000 for the base model - which is about $4,000 cheaper compared to Tesla Model 3's base model in China.

In the quarterly earnings report released on Monday, Xiaomi raised its sales targets for this year to about 130,000 units, compared to initial goals that estimated sales of only 76,000 units, reflecting a recovery in demand.