The latest blow came from Chinese smartphone and electric vehicle maker Xiaomi, which announced Thursday it had received close to 300,000 orders for its new YU7 electric SUV within an hour of its launch. The YU7, priced at the equivalent of $35,000 in China, is a direct competitor to Tesla’s best-selling Model Y, which starts at $36,760. Russo said Xiaomi is applying a “smartphone mindset” to vehicles treating cars as digital terminals within a broader network of connected devices. With more than 600 million Xiaomi-branded smart devices in use globally, that ecosystem advantage could drive deeper customer loyalty than traditional automakers can muster. Do you think that China has a friendly operating environment for investors than US ?
