The Chinese company Xiaomi is the third largest cell phone manufacturer in the world, behind Apple and Samsung. Like Apple, they announced plans to manufacture EVs. But while Apple has officially abandoned that project, Xiaomi has launched the SU7, a direct competitor to the Tesla Model 3.
On April 3rd, as they were delivering the first batch of cars to their customers, Lei Jun, Xiaomi’s CEO, announced that they had passed the threshold of 100,000 orders.
In 2023, the Chinese EV market was three times the size of the US EV market, encouraging new entrants such as Xiaomi.
In last week’s alert, we wrote: “China will be the first car market in the world where cheaper EV vehicles will displace the traditional ICE vehicles, giving the Chinese EV car manufacturers a powerful window of opportunity to amortize their investments, and prepare a worldwide price war on EVs.”
Even more true now!
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