Xiaomi

Amid the economical crisis due to the Covid-19 pandemic, Xiaomi reportedly fired more than 900 employees. On August 21, local media reported that the Chinese smartphone manufacturer Xiaomi fired close to 3% of its workforce. The company reported a sharp decline in the second quarter revenue and to control the expenses and crisis, let go of the employees. However, Xiaomi has not yet made this confirmation.

According to Counterpoint's Global Monthly Handset Sales Tracker for April 2022, the top ten smartphone models, which included Apple, Samsung, and Xiaomi, accounted for 21% of the global smartphone market. Xiaomi's Redmi Note 11 LTE secured a place in the top ten of the list of the most popular smartphones sold worldwide. Samsung earned four spots on the list. Five of Apple's newest iPhone 13 models topped the list. 

The Enforcement Directorate has strongly denied the allegations of threats of violence against Xiaomi employees and their families. The ED has also disputed the claims that it had recorded statements from Xiaomi's employees under coercion. On May 7, the ED issued a statement, insisting that it is a professional agency with "strong work ethics." In a May 4 filing before the Karnataka HC, Xiaomi had accused the ED of threats.

In the biggest development, Lei Jun, Chief Executive of Xiaomi on October 19 said it will start producing its own cars in 2024. This was posted on the verified Weibo account of a director in Xiaomi’s international marketing department. Reportedly, the company will also be investing $10 billion in the electric car section, in the upcoming 10 years. Besides, the company’s shares also increased by 5.4%.

World's third-largest smartphone maker Xiaomi is all set to enter the electric vehicle market. Xiaomi, with an initial investment of $1.5 billion, aims to invest $10 billion in the next 10 years in a wholly-owned venture. Entering the market, the company will compete with leading rivals like Apple and Huawei. According to estimates, "new energy vehicles" will have a 20% share in total car sales in China by 2025.