Xiaomi Takes Major Step Into Automotive Sector: First Electric Vehicle to Hit Roads in March
Xiaomi Takes Major Step Into Automotive Sector: First Electric Vehicle to Hit Roads in March
Xiaomi has announced it will begin deliveries of its first electric vehicle (EV) in March, marking the technology giant's initial foray into the competitive automotive sector. According to BBC News, this will be the company's first venture into the automotive industry, with the vehicle's price to be revealed on March 28. China's fifth-largest smartphone manufacturer said it is ready to accept orders through 59 showrooms across 29 cities. The announcement comes as EV manufacturers face intensifying price wars in China, the world's largest automobile market.
\nCompetitors like BYD and Tesla have slashed their prices. Xiaomi has disclosed plans to invest 10 billion dollars in its vehicle operations over the next decade. Tesla, under the leadership of billionaire Elon Musk, has cut costs by thousands of dollars on its Chinese vehicles in recent months as local rivals like BYD have also reduced their prices.
\nKey Points
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Xiaomi will launch its first electric vehicle in March.
\n The first EV's price will be announced on March 28.
\n Xiaomi is ready to accept orders through 59 showrooms in 29 cities.
\n A price war is underway among EV manufacturers in China.
\n Xiaomi will invest 10 billion dollars in its vehicle operations over the next decade.
\n Companies like Tesla and BYD have reduced vehicle prices in China.
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News Link: https://www.supplychainbrain.com/articles/39254-chinas-xiaomi-to-start-electric-car-sales