Within 24 hours of the Xiaomi SU7 making its grand debut in China earlier this year, about 100,000 people put down a deposit for an electric vehicle from a company that had never made a single car before. Even by the standards of some of the EV startups that have come and gone over the years, that's a mind-blowing statistic. How did that happen, exactly?
To understand that, you have to understand Xiaomi. And you may just start to understand just how far ahead China's EV industry has become.
