Part 7/10:
In the years leading up to 2021, China's EV market had burgeoned, supported by government policies and technological advancements. As the market matured, Xiaomi recognized that entering the EV sector could provide diversification away from the volatile smartphone market.
After extensive market research, Xiaomi's board decided to invest significantly in the development of electric vehicles. They outlined plans to allocate $10 billion over ten years to establish a substantial presence in the EV market.