China's Xiaomi is selling more EVs than expected, raising hopes it can break even sooner

Chinese smartphone company Xiaomi's new car is selling better than expected, putting it closer to break-even despite undercutting Tesla's Model 3 on price.

with a price about $4,000 less than Tesla's Model 3, and has started deliveries. The Chinese smartphone company is set to livestream a car update at 9:20 a.m. on Thursday, as the Beijing auto show kicks off. "We are currently in discussions with supply chain partners on how to increase production capacity and further support on costs," he said, according to a CNBC translation of a Chinese-language investor day transcript provided by the company.Xiaomi has invested heavily in its electric car venture as Lei has long-term ambitions to become one of the top five automakers in the world.

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