Nio

The EV maker suspended its production for five working days at the end of March due to a lack of chips, which is likely to affect deliveries in April.

Tesla reduced its prices by 20% after switching to the low-cost alternative.

The 51-year-old founder and CEO is putting his reputation on the line for Xiaomi’s new EV venture.

The EV maker aims to have 500 battery swap stations in China by the end of this year.

Firms like Nio, Li Auto, and Xpeng have since made significant progress to challenge Tesla.

With 17,353 vehicles in the fourth quarter, the firm set a new delivery record.

Xiaomi founder Lei Jun would lead the new EV team. He has backed both Nio and Xpeng through his venture capital firm Shunwei Capital.

The Hongguang Mini EV is the cheapest electric car in China.