China's Xiaomi on Tuesday reported record-high revenue and profit in the first quarter as the company said it was shifting focus to the high-end market for its products.

Revenue for the quarter ended March 31 was 111.3 billion yuan ($15.48 billion)up 47.4% year-on-year and beating the 107.6 billion yuan average of 17 analyst estimates compiled by LSEG.

Adjusted net profit reached above 10 billion yuan for the first time, jumping 64.5% year-on-year to 10.7 billion yuan, ahead of the average estimate of 8.96 billion yuan, according to LSEG data.

XiaomiPresidentLuWeibingtold a conference call withreporters that Xiaomi's strategy to focus on high-end products from smartphones to home appliances had yielded a positive outcome.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars,announced its latest electric SUV, the YU7, last week, which Xiaomi will start selling in July.

Xiaomi did not disclose theprice of theYU7but suggested its better configurations should make the car 60,000-70,000 yuan more expensive than Tesla's best-selling Model Y, which is expected to be its strongest competitor and is priced from 263,500 yuan ($36,574).

Xiaomi entered the auto sectorlastyearwith itssportyEVsU7,which drew styling cues from Porsche and was priced below Tesla's Model3.Since December, the SU7 has outsold Tesla's Model3 in China on a monthly basis.

Xiaomi's SU7 deliveries have exceeded 258,000 units since its launch, company founder Lei Jun said last week. Xiaomi's EV business generated 18.1 billion yuan in revenue during the first quarter, delivering 75,869 SU7 sedans. The adjusted netlossrelated toits EV and other new initiatives reached O.5 billion yuan.

The company's new EV orders have fallen following a fatal highway crash at the end of March involving an SU7 in driving-assistance mode, analysts have said. Its problems have been compounded by customer complaints of false advertising. Xiaomi apologised earlier this monthfor "not clear enough" marketing.

Still, Xiaomi's shares have rebounded since April, giving it a market value of about $170 billion, higher than the roughly $161 billion commanded by BYD, China's biggest EV maker, LSEG data show.

Xiaomi's first-quarter global smartphone shipments rose 3% from a year earlier to 41.8 million handsets, ranking it third globally, with a market share of 14.1%,according to its latest financial report, citing data from researcherCanalys.