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to consumers worried about winter. Lei said it had<br />
fast-charging capabilities in low temperatures and is<br />
equipped with advanced tech allowing it to recognize<br />
obstacles under challenging conditions such as falling<br />
snow.<br />
The autonomous driving capabilities of Xiaomi cars<br />
would be at the forefront of the industry, he also said.<br />
Lei’s ambitions failed to boost Xiaomi’s share price,<br />
however, with the company’s Hong Kong-listed stock<br />
giving up earlier gains to finish 0.3% lower.<br />
China’s fifth-largest smartphone maker has been<br />
seeking to diversify beyond its core business to EVs<br />
amid stagnating demand for smartphones – a plan it<br />
first flagged in 2021. Other Chinese tech companies<br />
that have partnered with automakers to develop EVs<br />
include telecoms giant Huawei and search engine firm<br />
Baidu.<br />
Xiaomi has pledged to invest $10 billion in autos over<br />
a decade and is one of the few new players in China’s<br />
EV market to gain approval from authorities who have<br />
been reluctant to add to the supply glut.<br />
Its cars will be produced by a unit of state-owned<br />
automaker BAIC Group in a Beijing factory with an<br />
annual capacity of 200,000 vehicles. In an extremely<br />
crowded Chinese EV market, its biggest competition<br />
will likely come from BYD, which commands a onethird<br />
share, while Tesla has 9%, according to thirdquarter<br />
figures from Zheshang Securities.<br />
<strong>February</strong> <strong>2024</strong><br />
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