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April 5, 2024
Apple Isn’t Making an EV, but Chinese Phone Makers Are Showing They Can
Summary
While Apple has retreated from its electric vehicle (EV) ambitions, Chinese smartphone manufacturers, notably Xiaomi, are advancing into the EV market with considerable success. Xiaomi's debut EV, the SU7, has generated significant interest with 90,000 orders within the first 24 hours of launch, priced competitively at around $30,000—cheaper than Tesla's Model 3 in China. This move signifies a broader trend among phone makers leveraging their technological and supply chain expertise in the evolving "computers on wheels" sector, despite the challenges of a fierce price war and slim profit margins in China's EV space. Xiaomi's foray into the EV industry, underpinned by its brand reputation for quality and affordability, alongside strategic partnerships and a focus on software and hardware integration, illustrates the shifting dynamics in global EV and technology markets.
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