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China's Xiaomi Unveils First Electric Vehicle

FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo
FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo
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China's Xiaomi Unveils First Electric Vehicle

FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo
FILE PHOTO: People check new products of Xiaomi ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. REUTERS/Nacho Doce/File Photo

Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle on Thursday and promptly announced it was aiming to become one of world's top five automakers.
The sedan, dubbed the SU7, is a highly anticipated model that is expected to make the most of its shared operating system with the company's popular phones.
But the car is making its debut at a time when the world's largest auto market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.
"By working hard over the next 15 to 20 years, we will become one of the world's top 5 automakers, striving to lift China's overall automobile industry," Chief Executive Lei Jun said at the event.

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Apple’s China Smartphone Shipments Slide 9% in First Quarter

The Apple logo is seen at a mall in the financial district of Shanghai on April 14, 2025. (AFP)
The Apple logo is seen at a mall in the financial district of Shanghai on April 14, 2025. (AFP)
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Apple’s China Smartphone Shipments Slide 9% in First Quarter

The Apple logo is seen at a mall in the financial district of Shanghai on April 14, 2025. (AFP)
The Apple logo is seen at a mall in the financial district of Shanghai on April 14, 2025. (AFP)

Apple's shipments of smartphones in China slumped 9% in the first quarter from a year earlier and it was the only major manufacturer to see a decline, according to data from research firm IDC.

Apple, which ranks fifth in China's smartphone market, saw shipments fall to 9.8 million phones, giving it a market share of 13.7%, down from 17.4% in the previous quarter.

It was Apple's seventh straight quarter of decline.

By contrast, market leader Xiaomi saws its shipments surge 40% to 13.3 million while industry-wide shipments grew 3.3%.

IDC analyst Will Wong said Apple's premium pricing structure has prevented the US company from capitalizing on new government subsidies introduced in January which fueled growth in the first quarter.

The government subsidies for smartphones and some other consumer electronics refund consumers 15% of products with a sticker price under 6,000 yuan ($820).