Xiaomi Corp.’s $8 billion stock rally faces a key test when the Chinese smartphone giant unveils its first electric vehicle Thursday, as it attempts to muscle into an unfamiliar and intensely competitive market.
Billionaire co-founder Lei Jun has called the challenge his final major endeavour, testing Xiaomi’s ability to crack a crowded market for a second time with its technological capabilities. China’s electrified-car market is projected to slow for a second year, with a key industry body predicting sales growth in 2024 to drop to 25% from 36% last year and 96% in 2022.
Xiaomi hasn’t yet disclosed how much the SU7 will cost. Lei hinted earlier that it wouldn’t be 99,000 yuan as some on social media had joked. Cars with the same specifications often go for 400,000 yuan or more, he said. Its partnered brand Aito was already China’s best seller among EV upstarts for two consecutive months.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BYD slashes prices in battle with Tesla, Toyota, and VolkswagenThe automaker is currently discounting almost every electric and hybrid car model it sells, as part of a marketing campaign declaring “electricity is cheaper than oil.”
Source: mybroadband - 🏆 11. / 67 Read more »
Chinese EV giant BYD announces record annual profit for 2023Chinese battery and automotive giant BYD achieved a record profit in 2023, annual results showed Tuesday, despite fierce competition in the country as demand for electric vehicles grows. As BYD continues to perform well in the competitive Chinese market, it is now expanding abroad.
Source: brieflyza - 🏆 10. / 68 Read more »
BYD: Chinese electric vehicle giant with surging profitsChina's BYD posted a record annual profit for 2023 on Tuesday, just months after surpassing Tesla to become the world's leading electric vehicle seller. That push saw it announce sales of 526,409 all-electric cars in the fourth quarter of 2023 -- surpassing Tesla's 484,507 in the same period.
Source: brieflyza - 🏆 10. / 68 Read more »
Activists protest Tesla plant expansion in GermanySeveral hundred people demonstrated Sunday against plans by Tesla to expand its electric car factory near Berlin, citing environmental concerns. A smaller counter-protest was held Sunday in support of the Tesla factory, with participants citing economic benefits for the region.
Source: brieflyza - 🏆 10. / 68 Read more »