In a bold move that has sent shockwaves through the automotive world, Chinese tech giant Xiaomi has announced its intention to launch an electric car by 2024. This audacious initiative marks a significant shift in Xiaomi's business strategy and sets the stage for a formidable challenge to established car manufacturers, including Apple and Tesla.

In the ever-evolving landscape of the automotive industry, Xiaomi, the Chinese tech giant, has emerged as a formidable player with its audacious entry into the electric vehicle (EV) market. With its proven track record of innovation and consumer-centric approach, Xiaomi's electric car is poised to revolutionize the way we perceive and experience personal transportation.

Tesla, the pioneering electric vehicle (EV) manufacturer, has faced a significant setback with the recent announcement that it has scrapped its plans to produce a low-cost model. This decision signifies a strategic shift for the company, which had previously placed high hopes on expanding its market reach with an affordable EV option.