Xiaomi, one of the world's largest manufacturers of smartphones, wants to become a serious player in the fiercely competitive EV industry, currently dominated by Elon Musk's Tesla and the Warren Buffett-backed BYD. Its strategy? Invest billions of dollars—ten times more than its competitors—into its first prototype.
Xiaomi has teased its expansion to electric cars for years. In March 2021, the company announced $10 billion in investment over ten years to eventually offer "quality smart electric vehicles." Xiaomi got state approval in August to start making EVs, Reuters reported at the time. Then, in November, state-owned automaker BAIC Group revealed in a regulatory filing that it would be making Xiaomi's first cars.
