The company became a household name selling budget smartphones, but is now staking its reputation on electric vehicles.
When Xiaomi boss Lei Jun took to the stage at the end of March to launch the company’s first electric vehicle, it was the climax of a three-year journey on which he has bet his professional legacy. In March 2021, he had called the Xiaomi EV project his last major professional venture, raising the stakes for the 54-year-old billionaire entrepreneur who built his company’s fortune by selling millions of budget smartphones.
“I have realized that it’s so hard to make a car,” admitted Le
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Chinese companies have decided that the best place to make money right now is outside of China. The phenomenon known as chu hai (出海), which translates to “go global,” has taken hold, marking a kind of second 'go out' initiative. This time, however, Chinese companies are being met with scrutiny and suspicion.
The former Commerce Secretary and ambassador to China talks about how his background shaped his approach to dealing with Beijing, the pivot to Asia and negotiating Chen Guangcheng's release.
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