Why China’s Xiaomi Is Betting Big on Electric Cars
The mobile phone giant bested Apple in making an EV. Now it’s setting its sights on Tesla.
Photo Illustration: Neha Dharkar
Xiaomi may not be a household name in the US, but in China its products are everywhere. Already one of the world’s top mobile phone manufacturers, the technology company also makes everything from toothbrushes to watches—even mattresses. Now it’s betting big on electric vehicles, having already succeeded where even Apple failed.
The Chinese company’s new push has proven quite lucrative, helping it gain some $120 billion in market value over the past year. In this Bloomberg Originals mini-documentary, we explain why a Chinese tech giant many in the West never heard of is making such a dramatic pivot—and how it could be just the beginning.