A new report from China shows that Xiaomi is planning an affordable EV, in addition to the electric crossover already in the works, taking a lead over Tesla
While the world's largest auto market is challenging for newcomers due to a cut-throat EV price war underway and slowing demand, analysts have said Xiaomi has deeper pockets than most EV startups and its smartphone expertise gives it an edge in smart dashboards - a feature prized by Chinese consumers.
Depending on the model ordered, buyers could get their vehicles delivered earlier. Xiaomi introduced its first electric vehicle just last month called the SU7, and prospective buyers are already lining up to get one for themselves.
Xiaomi Ev: Xiaomi's shares rose 16% following the launch of its electric vehicle, the SU7. Despite strong interest with 88,898 pre-orders, Citi Research predicts significant losses due to fierce competition in the Chinese EV market.