Xiaomi reported a second-quarter net income of $1.28 billion on revenue of $13.56 billion following the Chinese technology giant’s strong surge in smartphone market share globally.

During the quarter that ended in June, Xiaomi said it saw a 64% year-on-year growth in revenue, and its net income surged over 80% from the same time a year ago.

The Hong Kong-listed firm said its smartphone revenue grew to $9.1 billion, thanks to a just as impressive jump in its smartphone shipment to 52.9 million units in the quarter, in which it topped Apple to become the world’s second-largest smartphone vendor, according to market intelligence firm Canalys.

The U.S. government’s sanctions against Huawei, Xiaomi’s chief domestic rival, has helped the younger firm — along with some other manufacturers — gain market share domestically as well as globally.

Xiaomi’s revenue from Internet of Things and lifestyle products category also saw a 36% jump in revenue to $3.2 billion.

Shortly after reporting its earnings results, the company said it will buy the four-year-old autonomous driving technology startup Deepmotion for about $77.3 million. The investment follows Xiaomi’s bold plan to invest $10 billion over the next decade in the electric vehicles space.

Xiaomi is the latest Chinese tech company to enter the EV industry. Chinese search engine giant Baidu earlier this year announced that it would be making EVs with the help of automaker Geely. In November, Alibaba and Chinese state-owned carmaker SAIC Motor said they had joined hands to produce electric cars. Ride-share leader Didi and EV maker BYD are also co-designing a model for ride-hailing.

As my colleague Rita Liao reported earlier:

Xiaomi said Wednesday its investment in Deepmotion will help the giant shorten the time to market for its products.