Also, Read: Govt will Soon Finalise Mechanism to Implement Electric Vehicle Policy: Fawad Ch
Xiaomi’s First Electric Car Model May Hit Market in 2023
It is very clear that Xiaomi jump in the same race with Apple gunning for the EV segment. As it is one of China’s biggest mobile brands, it runs on small profit margins and can easily succeed in short-term challenges such as recent chip shortages. EVs will provide Xiaomi with a reliable revenue stream throughout the year.
Huawei, however, is said to be still targeting the automotive market, apart from just Apple. Baidu, a Chinese firm, has previously announced plans for making an EV with the help of Geely. Tech companies that dive into the automotive industry might now seem like novelties, but in a few years, they could be very common. In short, Xiaomi hopes it is possible to get more consumers and enthusiasts into considering their products by incorporating eco-friendly vehicles adding into its portfolio. The automotive sector, however, can only depend on brand loyalty and the requirements of the consumer. Founder Lei Jun claims that the hardware design expertise of the firm would give it an advantage. In comparison to several of its competitors, Xiaomi produces many items that cover all categories, from smart TVs to rice cookers. He knows how to manufacture many devices and it would be definitely beneficial if you invest in the brand. In the future, we may see huge competition between the big companies in the EVs segment. You may be interested in: Chinese Firm to Set up Electric Vehicle Plant in Punjab
