Xiaomi Made a Big Bet on Electric Vehicles and Won
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Xiaomi Made a Big Bet on Electric Vehicles and Won
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About this listen
In early 2021, smartphone and electronics maker Xiaomi was blacklisted by Washington, restricting its access to US technology and investors. Although this decision was later reversed, it motivated CEO and founder Lei Jun to enter China's ultra-competitive electric vehicle market, pledging to invest $10 billion over a decade. The bold move has paid off: in China, buyers are waiting up to 10 months to purchase Xiaomi's SU7, and the company's shares have surged more than 150% in the past year.
How did a manufacturers of cheap smartphones and budget appliances create one of the most desirable vehicles in China in just three years? And can Xiaomi continue to deliver on high investor expectations and stand out from its competitors with the launch of its new YU7 model this summer? Bloomberg Intelligence analysts Joanna Chen and Steven Tseng join John Lee on the Asia Centric podcast.
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