Xiaomi’s Secret to Surviving the EV Price War — Over $18 Billion in Cash, CEO Says

By harnessing its financial strength and supply chain management capabilities, Xiaomi Corp. (小米集团) will survive in China’s cutthroat electric vehicle (EV) market, which is embroiled in a brutal price war, its CEO said during a group interview.

The Beijing-headquartered smartphone giant has “a cash reserve of more than 130 billion yuan ($18 billion)” which will enable it to “navigate through the intensifying competition” in China’s crowded EV market over the next five years, Lei Jun told reporters on Thursday.