Xiaomi Is Building An Electric Car That Will Crush Apple

Mar. 24, 2021 12:52 PM ET byMartin Bigg Electric Vehicles /10 Comments

Apple isn't the only tech giant that wants to enter the auto industry.

Last year, Chinese electronics company Xiaomi teamed up with Lamborghini tocreate the ultimate go-kart. This wasn't the company's first step into the automotive industry, however, as Xiaomi launched its own SUV under the Redmi brand built in collaboration with other companies in 2019, despite being known for its smartphones, laptops, home appliances. Now, the Chinese tech company wants to build an electric car that will rival Tesla and theupcoming Apple car.

This isn't the only Chinese tech company that wants to enter the auto industry either, asHuawei is also planning to build a range of electric cars. According to local media, Xiaomi's CEO Lei Jun will lead the project to ensure it meets expectations.

小米显然希望to make a strong impression with its first electric car. Whereas Huawei's electric cars will be aimed at the mass market to compete against the Volkswagen ID.4,Tesla Model Y, and Ford Mustang Mach-E, Xiaomi's first electric car will be a high-end EV with a premium price tag and sophisticated technology. As well as capitalizing on the lucrative Chinese electric car market, Xiaomi plans to sell its first electric car worldwide. While this seems like a risky strategy, Xiaomi's car will be a direct rival to the Apple car.

The company's high-end smartphones earned it the nickname "China's Apple." Last year, Xiaomi overtook Apple to become the world's third largest smartphone maker, and now it wants to put a dent in Apple's car sales, too. Whereas Apple is reportedly in talks with Kia to help bring its electric car project to fruition, Xiaomi has already approached Nio, which has experience building electric luxury SUVs, sedans, and theEP9 supercar, and other local manufacturers such as BYD to build its first electric car.

If the project gets the green light, work on Xiaomi's first electric car could start as early as next month, so Apple could get some serious competition by the time its first car launches in 2024.