[Manthink]

Bloomberg (29 Dec 2023) - Xiaomi, once known as a producer of cheap smartphones, has been fighting to sustain growth in an increasingly saturated and plateauing global market. Before the September quarter, the company had posted a sales decline in every three-month period since 2021.

Now, it is seeking to challenge not just other EV makers but also newer entrants like Huawei Technologies in an arena where it has shown little unique expertise.  Xiaomi’s EV foray is a US$10 billion (S$13.2 billion) wager by CEO and co-founder Lei Jun that his company can shake up the transport sector much as it did smartphones a decade ago. Mr Lei said he had driven 150 different cars since committing to making the SU7.



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