"Xiaomi's Electric Car Set to Challenge Tesla and Boost Stock"

Xiaomi, one of Apple's biggest Chinese smartphone rivals, is set to launch its first electric vehicle, the Speed Ulta 7 (SU7), in China at the end of this month, just a month after Apple abandoned its own electric vehicle project. Xiaomi's CEO, Lei Jun, has managed to achieve this feat in just three years, leveraging partnerships and existing infrastructure in the Chinese EV industry. However, Xiaomi will face challenges in a competitive EV market, especially as it aims to target the "premium" segment.