Reported about 2 months ago
Xiaomi Corp. is intentionally accepting losses in its electric vehicle division as it seeks to join the ranks of top automakers like Tesla and BYD. The company aims to prioritize growth over profitability, with plans to invest $10 billion in car manufacturing. Despite substantial initial losses, Xiaomi’s shares surged following strong quarterly revenue growth, bolstering investor confidence in its EV venture which intends to deliver 120,000 vehicles by 2024.
Source: YAHOO