Part 6/10:
Beyond just hardware improvements, Xiaomi began to build an ecosystem of internet-connected products, with smart home devices at the core. By collaborating with startups and investing in external companies, Xiaomi developed a broad range of smart products, thereby enhancing customer loyalty and creating a seamless user experience.
Entering the Electric Vehicle Market
A significant turning point occurred in January 2021 when Xiaomi was classified as a "Communist Chinese Military Company" by the U.S. government, raising concerns over its future in the smartphone market. This event prompted an emergency board meeting, where the suggestion to venture into electric vehicles was raised. This move shocked many in the industry given the competitive landscape.