Hyperdrive
Xiaomi’s $8 Billion Rally at Stake as Costly EV Bet Makes Debut
- Firm to unveil its first EV on back of $8 billion stock rally
- Xiaomi faces stiff competition from EV behemoths Tesla, BYD
Xiaomi Corp.’s $8 billion stock rally faces a key test when the Chinese smartphone giant unveils its first electric vehicle Thursday, as it attempts to muscle into an unfamiliar and intensely competitive market.
It will start selling its SU7 series in China, the result of a $10 billion foray into the world’s largest EV market dominated by Tesla Inc. and BYD Co. The sedan will probably enter the most competitive segment, based on pricing predictions by analysts.