David Fickling, Columnist

Xiaomi’s Tidal Wave Is Heading for the Auto Industry

The world’s carmakers that have dragged their feet on the switch to electric vehicles better act fast.

March 25, 2025 at 9:30 PM UTC

David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times.

Xiaomi is a lesson to the world’s carmakers who’ve dragged their feet on EVs. — Xiaomi is a lesson to the world’s carmakers who’ve dragged their feet on EVs.
Photographer: Qilai Shen/Bloomberg

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Good artists copy. Great artists steal. If it wants to survive the next decade, the global auto industry better start following that maxim, and fast.

Xiaomi Corp.’s $5.5 billion share sale in Hong Kong Tuesday, coming just a few weeks after BYD Co. raised $5.6 billion in the same market, is another warning tremor ahead of the tidal wave that’s heading for the world’s carmakers. Those that have dragged their feet on the switch to electric vehicles better act quickly, or they’re going to get swamped.