Here’s how Xiaomi stole the thunder from Western Brands

Xiaomi first started selling smartphones. Back then, few people had heard of the Chinese company, which offered cheap but powerful smartphones in a market dominated by Western names at the time. Today, the story is different. The company is one of the world's largest smartphone makers and has expanded into other markets, including laptops, smart devices, and even drones.

Xiaomi is known as the "Apple of China" since it became the world's fourth-largest smartphone manufacturer in just seven years, generating $15 billion in revenue. Xiaomi had expanded to end up being the world's largest consumer IoT (Internet of Points) company, with profits exceeding $37 billion as well as greater than 210 million IoT gadgets (excluding smartphone and laptop) marketed in over 90 countries by 2020. Xiaomi's success is due to the price-to-quality ratio of its products. They're known for being high-quality and cost-effective.

Xiaomi recently introduced a new Lithium battery technology that promises increased capacity while maintaining the same volume. With an increase in electrode silicon web content and improved packaging innovation, Xiaomi's new battery technology provides a 10% improvement in capability for the same given volume. For example, a 4,000 mAh battery may be able to fit 4,400 mAh into the exact same physical space. It shows that Xiaomi doesn't want to stick with only as a Smartphone maker and believes in innovative things.

Xiaomi's future is Electrifying.

Xiaomi is aiming for an Electric Ready future, thus it's putting a lot of money into electric vehicles. Xiaomi is already well-known for its Electric Mini folding Scooters and the popular HIMO T1 electric bike. As reported by Gadget Lite, In 2016, the company saw its first period of rapid expansion. Xiaomi's acquisition accounted for 55.75 percent of the $1.153 billion in revenue, and this proportion grew to 73.76 percent in 2017.

Xiaomi's recent success with its electric scooter has boosted the company's morale. Lei Jun, Xiaomi's CEO, has had his eye on the electric car industry for some time and has even invested in EV firms for the past eight years or so. According to Precedence Research, the global Electric Vehicle market exceeded $165 billion in 2020 and is predicted to reach $802.81 billion by 2027, with a CAGR of 40.7 percent from 2020 to 2027.

As a result, Xiaomi has pledged to invest $10 billion over the next ten years in a new electric car subsidiary, Xiaomi EV Firm Limited, and has recently launched a second automobile company, Xiaomi Automobile Technology Co., Ltd. The Beijing-based corporation is claimed to have a registered capital of 1 billion. Xiaomi executive Lu Weibing revealed that Xiaomi Home stores would handle sales and after-sale services in the future.

Xiaomi recently announced in its financial report that it employs over 1,000 R&D experts with the objective of producing a complete range of electric vehicles by 2024. Xiaomi's research and development team will focus on fundamental areas such as autonomous driving and smart cockpits.

According to the reports, Xiaomi Auto has struck a deal with BYD's power battery make “Fudi Battery,” and it also been told that Xiaomi EV Car’s first model has two configurations, high and low.

Xiaomi's low-end EV models will be powered by a 400V voltage platform and BYD blade batteries, while the high-end models will be driven by an 800V voltage platform.

Shenzhen, Xi'an, Qinghai, Chongqing, Changsha, and Guiyang all have BYD battery manufacturing. The Fudi battery capacity will reach 75GWh and 100GWh by the end of this year, as per BYD officials.

According to Reuters, Toyota Motor aims to launch a battery-powered medium-segment passenger car in China late next year, with support from Chinese automaker BYD Auto.