Xiaomi: a smartphone on wheels finally arrives

Tesla’s bubble is bursting, its share price is falling and, especially in China, it is cutting prices in a bid to retain market leadership, or at least vie for leadership in electric vehicles (EVs) with BYD. In Europe, EV take-up is slowing and, with the rising threat of Chinese imports, the EU (and perhaps the UK) will soon announce tariffs or similar penalties on imported Chinese vehicles. Some Chinese OEMs see European demand as a potential solution to their own excess capacity, despite the scale of their domestic EV market. And, while some observers expect a rationalisation of Chinese OEMs, new companies keep entering the market, with smartphone maker Xiaomi the latest to try its hand in EVs.