TECH - As Apple Tosses Away EV Plans Chinese Smartphone Titans Rev Up To Dominate Space | Benzinga
The electric vehicle (EV) market is witnessing a shift in momentum as Apple Inc. (NASDAQ:AAPL) scales back its EV plans, while Chinese smartphone companies are accelerating theirs, potentially reshaping the high-end EV landscape.
What Happened: Apple has put a damper on its electric vehicle (EV) ambitions, while Chinese smartphone companies are aggressively moving forward, with Xiaomi making a significant entry into the EV market, The Wall Street Journal reported on Wednesday.
Smartphone manufacturers, with their software and supply chain prowess, may possess an advantage in the burgeoning “computers on wheels” market. Despite facing tough pricing competition in China’s crowded EV market, Xiaomi’s shares saw a 9% increase after the announcement, indicating investor confidence.
Xiaomi Corp. (OTC:XIACF), a Chinese phone manufacturer, unveiled its first EV, the SU7 sedan, last Thursday. Within the first 24 hours, the company received nearly 90,000 refundable orders. The SU7, priced around $30,000, undercuts a Tesla Model 3 in China by about $4,000.
Alongside Xiaomi, Huawei is also making inroads into the EV sector through partnerships and its “Huawei Inside” technology initiative. Xiaomi ...