The cell phone maker known as ‘the Apple of China’ has backed EV companies Nio and Xpeng. Its entry is expected to shake up China’s car market.
The world’s fourth-biggest phone maker Xiaomi now pledges to develop high-quality EVs with a ‘best-in-class’ connected device ecosystem.
Li’s comments come at a time when China’s EV sales start to slow amid potential recession worries, growing competition, and supply chain disruptions due to frequent Covid comebacks.
Electric vehicle stocks have experienced stratospheric growth this year. What will they need to achieve in order to justify their share prices?
Xpeng Motors is priming for a public listing in New York where it could raise up to $1.1 billion from high-profile backers including Alibaba and Xiaomi.
Xpeng, Li Auto, and Nio are downsizing as rising costs of raw materials and supply chain disruptions cut into profit margins.
Chinese EV sales reported robust figures in January. Tesla ended 2021 with a solid profit performance. CATL retained its competitive lead.
There could be more consequences to come as Nio is in advanced plans to enter the competitive mass auto market.
Growth in China’s charging stations has slowed over the past three years after doubling in 2016.
While Chinese companies won’t be the first to deliver road-ready lidar systems, they could be the first to do it at a practical price.