Xiaomi Revs Up Electric Vehicle Gambit

Quick Summary:

While use of third-party manufacturing avoids heavy capital spending and the need for hard-to-get licenses, it can also lead to delays and quality issues due to lack of control over production facilities.“The first battle was a victory because SU7 finally brought Xiaomi to the party table,” Xiaomi’s charismatic founder Lei Jun told a cheering crowd at the company’s annual conference last week, referring to the launch of its first EV model this year in March.“But we still have a long way to go before we realize a bigger victory,” he added.

Key Takeaways: Xiaomi received regulatory clearance to mass produce electric vehicles independently, a crucial move as it seeks to ramp up its high-stakes EV drive

The smartphone maker’s big EV ambitions could be undermined by production bottlenecks, quality issues and a weakening consumer demand By Xia Fei

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Article Details

Author / Journalist: The Bamboo Works

Category: Technology

Markets: United StatesChina

Topics: XIACY Penny Stocks Benzinga EVs XPEV US88160R1014 Electric vehicles TSLA LI XIACF Asia Contributors Tech Markets

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 11:55:52 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 1128 words

Reading Time: 7 minutes read

Sentences: 39 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 21750997

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