[Manthink]

EV business is a competitive one burning lots of cash to get market share.
Unless there is something special about xiaomi cars it is just one of the many players in a crowded field.
Having said this ....xiaomi is used to entering crowded markets and gaining market share. . They did in the TV and robo vacuum space.

You forget - 

Unlike large Western businesses which depends on stock performance and constant cash flow from investors, the Chinese enterprises started out from the very basic competing on cost alone which forces them to be very very sensitive to $ and nimble to market demand...

The result is the Chinese market is a very competitive and unforgiving place to do business, because it is crowded of people who believe in the Survival of the Fittest.