Smartphone maker Xiaomi to make electric vehicles using Great Wall Motor’s plant: Reuters, citing sources

[TruckElectric]

Smartphone maker Xiaomi to make electric vehicles using Great Wall Motor’s plant: Reuters, citing sources

PUBLISHED THU, MAR 25 202111:03 PM EDT

KEY POINTS

• China’s Xiaomi plans to make electric vehicles (EVs) using Great Wall Motor’s factory, three people with direct knowledge of the matter told Reuters.
• Xiaomi, one of the world’s biggest smartphone makers, is in talks to use one of Great Wall’s plants in China to make EVs under its own brand
• Xiaomi will aim its EVs at the mass market, in line with the broader positioning of its electronics products, the two people said.

Xiaomi’s headquarters in the Xuhui District of Shanghai.
Costfoto | Barcroft Media | Getty Images

China’s Xiaomi plans to make electric vehicles (EVs) using Great Wall Motor’s factory, said three people with direct knowledge of the matter, making it the latest tech firm to join the smart mobility race.

Xiaomi, one of the world’s biggest smartphone makers, is in talks to use one of Great Wall’s plants in China to make EVs under its own brand, said two of the people, who declined to be identified as the information is not public.

Xiaomi will aim its EVs at the mass market, in line with the broader positioning of its electronics products, the two people said.

Great Wall, which has not before offered manufacturing services to other companies, will provide engineering consultancy to speed up the project, said one of the people.

Both companies plan to announce the partnership as soon as early next week, said one of the people.

Xiaomi and Great Wall declined to comment.

The plan comes as eight-year-old Xiaomi seeks to diversify its revenue streams from the smartphone business which accounts for the bulk of its income but carries razor-thin profit margins. It flagged on Wednesday rising costs from a global chip shortage and reported quarterly revenue below market estimates.

The move also comes against the backdrop of automakers and tech firms working closer together to develop smarter vehicles with technology such as smart cabins and autonomous driving.

Chinese search engine provider Baidu Inc said in January it plans to make EVs using an auto plant owned by Geely. Reuters has also reported Apple and Huawei Technologies’s respective auto ambitions.

Xiaomi’s founder and chief executive, Lei Jun, believes the firm’s expertise in hardware manufacturing will help accelerate the design and production of its EVs, one of the people said.

Alongside smartphones, Xiaomi makes dozens of internet-connected devices including scooters, air purifiers and rice cookers.

The firm plans to launch its first EV around 2023, one of the people said. It will enable its cars to connect with other devices in its product eco-system, the people said.

Baoding-based Great Wall, China’s biggest pickup truck maker, this year launched a standalone brand for electric and smart vehicles. It is also building an EV factory in China with Germany’s BMW.

The automaker sold 1.11 million vehicles last year helped by the popularity of models such as the P-series pickup truck and Ora EVs. It is currently building its first factory in Thailand.



SOURCE: CNBC

 

[TruckElectric]

Chinese smartphone giant Xiaomi to launch electric car business with $10 billion investment
PUBLISHED TUE, MAR 30 20216:58 AM EDTUPDATED TUE, MAR 30 20217:00 AM EDT

Arjun Kharpal

KEY POINTS

• Chinese smartphone giant Xiaomi will launch an electric vehicle business and invest $10 billion over the next 10 years.
• Xiaomi will compete with carmakers such as BYD and Nio, as well as new entrants including search giant Baidu.
• Research firm Canalys forecasts that 1.9 million electric vehicles will be sold in China in 2021, representing year-on-year growth of 51%

Xiaomi’s headquarters in the Xuhui District of Shanghai.
Costfoto | Barcroft Media | Getty Images

GUANGZHOU, China — Chinese smartphone giant Xiaomi has announced plans to launch an electric vehicle business and invest $10 billion over the next 10 years.

The company will set up a wholly-owned subsidiary and the initial phase of investment will total 10 billion yuan ($1.52 billion), it said Tuesday.

Xiaomi Chief Executive Lei Jun will also be the CEO of the car unit.
“Xiaomi hopes to offer quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere,” the company said in a statement.

The Chinese technology firm, which is the world’s third-largest smartphone maker, is jumping into an incredibly competitive space in China.

Not only is Xiaomi competing with established automakers in the country, such a Geely and Warren Buffet-backed BYD, but also upstarts such as Nio and Xpeng Motors.

And internet companies are also entering the smart electric vehicle arena. Chinese search giant Baidu launched a standalone electric car company in January and last month hired a CEO for that business.

Electric cars have taken off in China thanks to strong policy support from Beijing, including subsidies. Even though some of these measures have been reduced, research firm Canalys forecasts that 1.9 million electric vehicles will be sold in China in 2021, representing year-on-year growth of 51%.

SOURCE: CNBC

 

[TruckElectric]

How Xiaomi Became an Internet-of-Things Powerhouse

by

• Haiyang Yang,
• 
  
• Jingjing Ma,
• and
• Amitava Chattopadhyay

Summary. When you think about Xiaomi, you mind probably goes to smartphones, but what’s less known is that the company originally entered the fiercely competitive smartphone market without offering a phone. When Xiaomi launched in 2010, it only offered a free...more

When Xiaomi entered the fiercely competitive smartphone market in 2010, it did so without even offering a real phone. The company only offered a free Android-based operating system (OS). Yet, within seven years, Xiaomi became one of the world’s largest smartphone makers, reaching $15 billion in revenue. Accelerating its growth rate, Xiaomi transformed into the world’s largest consumer IoT (Internet of Things) firm by 2020, with its revenue surpassing $37 billion and more than 210 million IoT devices (excluding smartphones and laptops) sold across more than 90 countries.

How was Xiaomi able to grow so explosively and what lessons can other companies learn from Xiaomi’s rise?

We sought answers via an in-depth, multi-year study of the firm, including extensive interviews with 12 top executives (including cofounders, chairman, CEO, president, senior VPs, and executives leading R&D, distribution, and marketing), as well as the founder and CEO of Smartmi, Xiaomi’s largest ecosystem partner. Our research also involved analyzing more than 100 hours of conversations and reviewing more than 5,000 Xiaomi documents (from 2010–2020) as well as 470 external reports and data sets.

We learned that the secret to Xiaomi’s growth lies in what we term as “strategic coalescence.” The word “coalesce” originates from the Latin words co (“together”) and alescere (“to grow”). Strategic coalescence thus refers to a process through which a firm intimately connects with demand and supply-side stakeholders, bolsters tangible benefits for all, and triggers exponential market growth. Let’s first understand the key aspects of strategic coalescence at Xiaomi.

Coalescence with consumers
Xiaomi entered its first market — China — by offering a smartphone OS, called MIUI, for free. At the time, there were several strong domestic (e.g., Huawei, Lenovo) and international players (e.g., Apple, Samsung) battling over every tier of the market, from economical to premium. Most Chinese manufacturers simply smacked the Chinese version of Android on their smartphones, with little customization.

Instead of competing head on, Xiaomi courted tech-savvy smartphone users by offering them free software and building a fully-fledged online community to engage with them and understand which features they craved and which they disliked. This segment of consumers loved the unprecedented attention from a tech firm and were highly motivated to interact and contribute suggestions.

Xiaomi released a new OS version for download every Friday afternoon, as its tech-savvy consumers were heading home for the weekend. Its engineers followed up on user suggestions as soon as they were received, often corresponding with users to resolve issues together. This co-development process enhanced Xiaomi’s brand awareness and likability and prepared a segment of potential consumers for the entry of Xiaomi’s phones, without spending money on traditional advertising.

When it introduced its first phone in August 2011, Xiaomi positioned itself as offering “quality technology at an affordable price.” It sold directly to consumers, through its own website, at a margin of below 5% — the thinnest margin in the industry. Because of its direct engagement with tech-savvy consumers, Xiaomi was able to trim out all intermediaries — the many tiers of national, regional and local wholesalers and retailers, each of which charged a markup. Its direct-to-consumer approach created a significant cost advantage — the phone’s feature to price ratio was far more favorable than anything else on the market — and increased the speed at which Xiaomi could reach its consumers. Target consumers responded: Demand outpaced production so much that the firm could only open its e-commerce site one day per week and stocks sometimes sold out within minutes. The constant and instant sell-outs led to social media storms, spreading the brand to an ever-wider audience, stimulating further demand.

Coalescing operations around the core value proposition
After gaining a foothold in the tech-savvy, value-conscious segment in the top cities, Xiaomi began to expand into other segments — consumers who were less tech savvy, as well as those residing in smaller cities. Many of these consumers preferred an offline shopping experience, wanting to discuss their needs with a staff member or get a demonstration.

To serve these new customers, Xiaomi built an offline retail infrastructure, setting up hundreds of stores spanning major metros and small cities. Unlike other smartphone makers, who co-located their stores at the “telecom street” (an area dedicated to telecom stores), Xiaomi set up its stores in locations with high foot traffic, like malls, where its new target consumers were likely to shop. Importantly, Xiaomi chose malls where existing “high value at a reasonable price” anchor stores could help reinforce its own positioning. It also started offering different sub-brands (Redmi as an economical product line and Mi MIX for more advanced tech seekers), always ensuring that the features-to-price ratio of each new phone was more appealing than competing products.

In sum, during its initial phase, Xiaomi focused on quickly building a large smartphone consumer base across value-seeking consumer segments along with an appropriate on- and offline distribution infrastructure, always keeping its promised low margin on hardware. This enabled it to achieve massive volumes. Xiaomi expanded the share of wallet of this huge and growing customer base, with higher margin post-purchase services (commissions on music, videos, or game purchases), to help attain profitability. These laid the foundation for Xiaomi’s subsequent IoT endeavors.

Leveraging coalescing synergies
Xiaomi’s expansion into the IoT sphere was further empowered by four coalescing synergies.

In-Home IoT Synergy
Xiaomi leveraged its smartphones as an “omni-remote control” and began launching products that could be linked to and controlled by its phones (such as, TVs, air conditioners, air purifiers, smart lamps). In addition to developing its own products, Xiaomi sought partners who could help the firm quickly expand the range of its IoT offerings. The products from the partners were easily integrated into Xiaomi’s in-home system as they were built on its IoT protocol. This meant that once consumers acquired their first Xiaomi IoT product, they were more likely to seek out other products from Xiaomi. In other words, it became progressively harder for competitors to lure customers away in an IoT category.

Design Aesthetics Synergy
To further strengthen the bond between Xiaomi and its customers, the firm ensured that all Xiaomi-branded IoT products, including those manufactured by ecosystem partners, followed similar design aesthetics. So, if a consumer purchased another Xiaomi product, that item would be more aesthetically congruent with the Xiaomi products they already owned, creating synergy through design congruency and visual gestalt.

Product Portfolio Synergy
A key challenge associated with offline distribution is the high and ever-increasing square footage cost, especially at prime locations. Non-smartphone products (including those by partner firms) could yield much higher margins than smartphones, making the opening and running of offline stores more financially viable. Also, selling a variety of products in the stores attracted consumers who were not specifically looking for smartphones, creating opportunities to promote Xiaomi smartphones and, more generally, to cross-sell its entire portfolio. Furthermore, a broader product portfolio encompassing items with shorter replacement cycles (such as fitness bands and smart light bulbs) created higher foot traffic, leading to additional unplanned purchases and cross-selling opportunities in store.

Multi-Channel Synergy
To maximize returns on its brick-and-mortar stores, Xiaomi leveraged online sales data, using analytics to inform which products to sell offline and how to optimize the product mix at the store level. Offline stores were leveraged to offer potential consumers demonstrations for more experiential products (such as vacuum cleaner robots or AI speakers), moving those potential customers along the decision process whereby the demonstration could either seal an immediate purchase or nudge the consumer towards a later online purchase. The latter provided an additional multichannel synergy, from offline to online.

These four synergies coalesced together, amplifying each other’s effect. Consequently, Xiaomi was able to attract a growing number of potential customers to visit its stores (as opposed to smartphone competitors’ stores) and enhance the likelihood that they make purchases within Xiaomi’s ecosystem. This propelled rapid adoption of Xiaomi’s IoT products, with customers frequently visiting Xiaomi stores and purchasing multiple items.

Coalescence with partners
To effectively expand into categories outside Xiaomi’s expertise and bolster the four synergies, Xiaomi implemented a unique process for identifying and developing partnerships. These yielded some advantages:

1. Partners were hand-picked by Xiaomi cofounders and top executives through their personal networks. Because of the close personal connections, executives at Xiaomi had in-depth knowledge about each partner. They understood the capabilities and values of the management team, enabling Xiaomi to better assess the likelihood of collaboration success.
2. Leveraging personal networks meant that Xiaomi executives were also well connected to the social network of each partner. If some partners performed poorly or violated the partnership agreement, there would be an immediate and direct reputational cost to them, making it harder for them to leverage their social network for further business endeavors, a crucial success factor, particularly in the Chinese business context. This social cost complemented the economic incentive for partnering, bolstering the likelihood of successful collaboration. Certainly, this cherry-picking approach also had drawbacks — it limited the number of potential partners from which Xiaomi could select. However, in the case of Xiaomi’s IoT transformation, its executives believed the pros outweighed the cons.
3. Xiaomi invested in the partner firms but did not acquire controlling shares. While the investment incurred a risk, it created significant benefits. The “co-owner” relationship facilitated communication and increased trust. Xiaomi was able to gain access to information about each partner’s cost structure and operations, as well as participate in their business decisions. Because partners retained majority shares, they were motivated to develop and sell successful products. As a shareholder, Xiaomi benefited from the growth of its partner firms and the profits they made. Simply put, this form of co-ownership created a win-win outcome for both Xiaomi and its partners.
4. Xiaomi purposefully selected firms that were small or startups, so that partnering with Xiaomi offered significant value to them. These firms typically focused on a single category of products, and this specialization meant higher likelihood of producing great products. One important benefit Xiaomi offered to its partners was “incubation”: It assisted them with R&D by sending in teams of its own engineers, and it helped its partners identify key suppliers and negotiate contracts. Xiaomi’s investment and operational involvement brought brand awareness and prestige, making suppliers more willing to offer favorable terms to partner firms (compared to a “nobody” startup). Importantly, by ensuring that partner firms had access to solid designs and used quality inputs at reasonable cost, Xiaomi safeguarded the quality and price attractiveness of their final products.

These approaches enabled Xiaomi to effectively manage the partner network and offer an ever-growing portfolio of products consistent with the Xiaomi brand in design, aesthetics, quality, and technology/price ratio. Xiaomi’s coalescence with partners laid another foundation for the firm to become a global IoT giant.

Xiaomi’s growth path differs from conventional strategic thinking. While we are often taught that a firm’s strategy should be based on either cost leadership or differentiation and must serve either a few needs of a broad segment or broad needs of a narrow segment, Xiaomi is clearly an outlier. It differentiated on multiple frontiers and at the same time attained cost leadership. It achieved these through strategic coalescence — by coalescing with consumers and partners, which erected and continuously fortified barriers to entry on both the demand and supply sides. This resulting sustainable competitive advantage catapulted Xiaomi forward at warp speed.

• HY
  Haiyang Yang is an associate professor at the Johns Hopkins Carey Business School, Johns Hopkins University. His research focuses on decision-making. His work has appeared in premier journals such as the Journal of Marketing Research, Journal of Consumer Research, Journal of Consumer Psychology, and Psychological Science.
• 
  Jingjing Ma is an assistant professor at the National School of Development, Peking University. Her research focuses on marketing. Her work has appeared in premier journals such as the Journal of Marketing Research, Journal of Consumer Research, and Journal of Consumer Psychology.
• AC
  Amitava Chattopadhyay is the GlaxoSmithKline Chaired Professor of Corporate Innovation at INSEAD. He is co-author of The New Emerging Market Multinationals: Four Strategies for Disrupting Markets and Building Brands and has published extensively in premier journals such as the Journal of Marketing, Journal of Marketing Research, Journal of Consumer Research, Marketing Science, and Management Science. You can follow him on Twitter @AmitavaChats.

SOURCE: Harvard Business Review

 

[FullyGrounded]

Who cares? China already shows they have no ability to be innovative, by having to hack and reverse engineer everything they produce. So, who really cares?

 

[TruckElectric]

So, who really cares?

Apple?

 

[Crissa]

Because they do innovate. They're constantly trying to change little things and make something cheaper, fits a use case better, etc.

This is kind of a clumsy article, but the business model here is one of survival and innovation. And that's good.

-Crissa

 

[TruckElectric]

Everything We Know About Xiaomi's Plan To Make Electric Cars

Chinese billionaire Lei Jun has said that this will be the "last startup project" in his career.

A new player is set to enter China's booming EV market as smartphone maker Xiaomi Corp. unveiled its plans to join the electric car market.

Xiaomi co-founder Lei Jun announced the company's intention to lead a fresh division dedicated to a new field. He called it his "final major startup endeavor."

With Xiaomi’s stock rising by as much as 6.1 percent, it seems the company is looking to maximize that to make a huge stock value boost within the next decade.

Let's take a closer look at Xiaomi's electrifying plans.

Not The First Phone Brand To Enter The Auto World
Via: Apple Insider

Xiaomi will be following in the footsteps of other smartphone makers like Huawei Technologies, a company that has already entered into the automotive industry.

Apple Inc. has also set foot in the scene and heads its own division focused on creating Apple-branded EVs. Many believe that the cars of the future will be more autonomous and connected once this happens.

Xiaomi Plans On Going Solo
Via: Cars and Coffee

Lei Jun said that this will be the "last startup project" in his career. Despite the huge risk, Xiaomi has made it clear that they are going solo on this one.

The company has already indicated that it will not invite outside investors so as to maintain full control over the product been made.

Xiaomi becomes the latest company to go into the market as it hopes to create the next automotive giant like Tesla Inc. is in North America.


Xiaomi Will Outsource Its Manufacturing

While Xiaomi may go solo on the entire project, they will be getting help for its operations. Xiaomi plans to outsource assembly operations to one of its contract manufacturers.

The Beijing-based company already tapped the services of Taiwan’s Foxconn Technology Group to handle assembly for Xiaomi mobile devices. Another contract manufacturer is handling its home gadgets and electronic products.

As for its own electric vehicle, the company indicated that it has no plans on choosing “established” automakers for manufacturing. Xiaomi has already hired its own engineers to design the embedding software for its future EVs.

Xiaomi To Invest $1.5 Billion

Xiaomi will make a safe splash into unfamiliar territory as it invests an initial capital of 100 Billion Yuan or $1.5 billion USD into its EV startup. It isn't the first time the company will invest in the EV business as it has already done so with Xpeng in 2019.

The company plans to ramp up its budget in subsequent years. Projections suggest that the budget is going to last for as long as three to five years. Sources stated that Xiaomi will contribute about 60% of the envisioned sum and raise the remaining 40%. Lei Jun stated that Xiaomi has a "deep pocket" for the electric car startup.

Other Huge Competitors

Xiaomi will have a tough task ahead as established Chinese automakers are opening up to cleaner vehicles as well.

The Warren Buffet-backed BYD and Geely Automobile Holdings Ltd. are already leading the charge in China. Fellow automotive startups Nio and Xpeng Motors are also making their moves already.

Internet company Baidu Inc. has already partnered up with Geely to build electric cars as well. In fact, Baidu has already hired its CEO in an effort to make their own splash in the market.

With these pure automotive companies from China battling to make a mark in the world’s biggest EV market, sales are projected to increase by 50% more this year as buyers embrace environment-friendly alternatives.

The bottom line for this is that Xiaomi's competition is not only limited to smartphone makers now. Even internet companies are opening up to investing in the EV market.

EV Sales Projection For China

With electric cars already taking off in a huge way in China, sales will surely skyrocket with strong policy support from Beijing.

With the increase in demand and reduction in measures, it is projected that a total of 1.9 million electric vehicles will be sold in China this year alone.

Final Thoughts On Xiaomi's Plans

Xiaomi has diversified a lot since its founding a decade ago. It has not only been the fastest-growing smartphone maker in China but also in other home gadgets and their own internet service as well.

With a good reputation for their products, the company is looking to make a huge investment in producing quality EVs since the demand in China alone has grown as fast as the demand for Xiaomi products.

Xiaomi might struggle to hit the American market though. Not only does Tesla dominate EV sales but the US also placed sanctions on fellow Chinese smartphone company Huawei.

CEO Lei Jun already mentioned that this EV project will be his "last startup." So you can imagine Jun will ensure it all works out so that he can go out strong.


SOURCE: HOTCARS

 

[TruckElectric]

Xiaomi to give Tesla a run for its money in China’s EV business

May 04, 2021 (China Knowledge) - Xiaomi (1810) is looking to enter the Electrical Vehicle (EV) business, amidst great competition from Tesla (TSLA) as well as domestic competitors NIO (NIO) and XPeng (XPEV).

The Chinese tech giant has demonstrated their calibre among their competitors, after solidifying their position as the fourth-most valuable technology stock in Hong Kong. Their RMB 108 bln war chest will be able to prepare them for the initial outlay on the EV business as well as future developments.

Xiaomi is expected to generate an annual profit of RMB 20 bln, in which half of it will be re-invested into the EV business, with debt and equity financing a possible method to raise cash as well.

This goal is in line with China’s grand plan to reach peak carbon emissions by 2030 and to be carbon neutral by 2060.

SOURCE: China Knowledge

 

[TruckElectric]

Smartphone giant Xiaomi on hiring spree at its electric vehicle unit, listing 20 ‘urgent’ jobs in autonomous driving

• Xiaomi has published 20 new positions on its jobs page online related to autonomous driving, including in areas like high-precision mapping
• The smartphone giant and electric vehicle maker BYD are in discussions to form a strategic partnership

Xiaomi founder and chief executive Lei Jun announced on March 30, 2021, that the company will spend up to US$10 billion on its electric vehicle operation over the next 10 years

Chinese smartphone giant Xiaomi is on a hiring spree for engineers at its electric vehicle (EV) operation, as the Beijing-based company accelerates the development of this new business to deliver its first car model to market within three years.

Xiaomi, the world’s third-largest smartphone vendor in the first quarter, has published 20 new positions labelled as “urgent” on its jobs page online, the South China Morning Postfound on Wednesday. The vacancies, which are located in the Haidian district of Beijing where Xiaomi is headquartered, are all related to autonomous driving, including in the areas of data platforms, in-vehicle infrastructure and high-precision mapping.

Local Chinese media previously reported that Xiaomi had been approached by representatives of other major mainland cities, including Shanghai and Wuhan in central Hubei province, to establish the company’s EV operation there.

Xiaomi did not immediately respond to requests for comment.

Wang Chuanfu, the founder, chairman and chief executive of BYD Co, presents subsidiary BYD Auto’s latest car model during the Auto Shanghai trade show on April 16, 2019. BYD is widely expected to support the efforts of smartphone giant Xiaomi to produce its own electric cars. Photo: AP

The job postings come just days after Wang Chuanfu, the founder, chairman and chief executive of Chinese manufacturer BYD Co, commented on Xiaomi’s prospects in the electric car market.

Shenzhen-based BYD, the country’s second-largest maker of EVs by volume, also produces buses, rechargeable batteries, solar panels and mobile phone components.

Wang said at the Chongqing Auto Show last week that BYD and Xiaomi are in discussions to form a strategic partnership.

“BYD will support the development of Xiaomi in the automotive business in the future,” he said. “Not only support, but BYD and Xiaomi are also negotiating some [other] projects in the automotive field.”

At the same show, Wang predicted that new energy vehicles will account for 70 per cent of the entire car market in China by 2030. He indicated that Chinese brands will account for 60 per cent of the entire market.

The timing of Xiaomi’s EV initiative would position the company on the front lines of this market’s potential massive growth in the coming years.

Digital services and products slated for China’s EV industry could reach 1 trillion yuan (US$156 billion) a year, according to a forecast by China’s Ministry of Industry and Information Technology, although it did not specify when.


Huawei Technologies Co, one of the world’s largest telecommunications equipment vendors, and Chinese internet search market leader Baidu have recently stepped up their plans in the smart electric car market.

BYD welcomes more smartphone makers and online platform companies to join the EV market, using their consumer base to further expand the industry and help gradually phase out fossil fuel-powered vehicles, according to Wang.

Days earlier, however, Wang made comments at the Yabuli China Entrepreneurs Forum that were perceived to reflect a negative attitude towards Xiaomi’s EV expansion plan.

“It will take [Xiaomi] at least three years to build a car,” Wang said at the Yabuli forum. “If the strategic direction is wrong, 5 billion yuan is not a big deal. The key is time. If those three years are wasted, how much will be lost?”

Since Xiaomi announced its EV venture at the company’s two-day Mega Launch event in March, news about the company’s car-making business have frequently made local headlines. Still, details about this new operation are yet to be revealed.


In April, during a live-streamed video session on TikTok sister app Douyin, Xiaomi founder and chief executive Lei Jun said the company’s first EV
will either be a sedan or a sport utility vehicle that costs between 100,000 yuan and 300,000 yuan.


At the event in March, Lei kicked off the company’s EV programme by announcing an initial investment of 10 billion yuan and predicted a total spending of up to US$10 billion in this enterprise over the next 10 years.

Despite the company’s bold announcements and the general public’s interest, Xiaomi faces significant challenges from established competitors across China’s car market, which is the world’s largest.

There are more than 20 different companies in the country selling EVs, including market leader Tesla, which sold 140,000 units of its Model 3 last year, according to market research company Canalys. Chinese carmaker Wuling Motors’ HongGuang Mini EV was the country’s second-bestselling EV model, with 119,000 units sold last year.


SOURCE: South China Morning Post

 

[John K]

Story of a speaker in highlight form.

Design made a mistake and added an extra hole.
Instead of scrapping, they just put a plug and kept manufacturing with the undersired hole. The hike is useless and had zero design purpose.
A Chinese knockoff hits the market of their speaker. The knockoff had the errant hole and plug.