Winning

Opinion: Will Xiaomi’s $10 Billion Car-Building Project Be a Winning Bet?

Xiaomi Corp. finally confirmed its attempt to build cars, a move that will make the battles in China’s already crowded electric car market even more complicated. Will the Chinese smartphone giant’s car-making plan succeed?

Companies in essence are driven by profits. Internet and technology companies in China have placed their bets on electric vehicle (EV) businesses amid a market boom. Apart from Xiaomi, China’s internet giants, including Alibaba Group, Baidu Inc., Tencent Inc. and Huawei Technologies Co., have formed a vanguard entering the automotive industry.

Speculation about a Xiaomi foray into the car-making business has been around for awhile.

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