Tim Cook Missed Out On The Chance, But Xiaomi CEO Is Showing Off His New EV Factory Uniform As 'Apple Of China' Gets Set To Roll Out The SU7 Sedan
Portfolio Pulse from Anan Ashraf
Xiaomi CEO Lei Jun showcased the new EV factory uniform and hinted at the upcoming domestic launch of the SU7 sedan, Xiaomi's first car. The EV factory was officially unveiled, with the Xiaomi board holding a meeting there and test-driving the SU7. Xiaomi, often compared to Apple, is expanding into the EV market with the SU7, which has been compared to high-end vehicles like the Porsche Taycan and Tesla Model S. The official pricing for the SU7 will be announced on March 28. Xiaomi's financials for 2023 showed significant growth, with total revenue of 271 billion yuan and an adjusted net profit of 19.3 billion yuan, despite expenses related to new initiatives like the EV business. This move into the EV sector differentiates Xiaomi from Apple, which reportedly halted its electric car project due to concerns over profit margins.
March 20, 2024 | 3:34 am
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Xiaomi is gearing up for the domestic launch of its first EV, the SU7 sedan, showcasing significant growth and expansion into the EV market. The company's financials for 2023 showed a substantial year-on-year growth, indicating strong performance despite new venture expenses.
Xiaomi's move into the EV market with the launch of the SU7 sedan represents a significant expansion of its product line beyond smartphones and domestic appliances. The comparison of the SU7 to high-end vehicles like the Porsche Taycan and Tesla Model S, along with the strong financial performance in 2023, suggests a positive outlook for the company's stock in the short term. The anticipation for the official pricing announcement and the differentiation from Apple's halted EV project further highlight the company's ambitious growth strategy.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100