In China's brutally competitive electric vehicle market where about 100 rivals are jostling for a share of the EV pie, a smartphone manufacturer's entry into the space is nothing short of bold. Consumer electronics giant Xiaomi released its first electric car in China recently, and it has taken the market by storm. It's already sold out for 2024, garnering nearly 90,000 reservations in just 24 hours.
Waiting times have reached seven months and the company added $4 billion to its market value overnight, surpassing Ford and General Motors. Get Fully Charged Chinese consumer electronics giants enter the EV space. Apple famously spent a billion dollars a year for nearly ten years developing its EV, wanting to disrupt the market, but ultimately failed at it. On the other side of the planet, consumer electronics goliaths Xiaomi and Huawei have won people's hearts already by rolling out hyper-competitive EVs. Before diving deep, here are some number