Chinese electronics maker Xiaomi Corporation's new electric vehicle is here, and how! At the press conference, founder and chairman Lei Jun made a subtle dig at Apple's similar failed attempt and ithin an hour of launch the new sports utility vehicle logged over 2,89,000 orders, Bloomberg reported.

Xiaomi has become the only tech company to successfully diversify into the auto space, the report noted.

In a dig at Apple Inc.'s (now folded) expensive attempt in the space, Lei pointed to the Silicon Valley giant's massive $10 billion over 10 years for “Project Titan”.

The 55-year-old also joked: “Since Apple stopped developing its car, we’ve given special care to Apple users.” The reference was to the seamless sync of iPhones to Xiaomi's vehicles.

The triumph has pumped Lei stature and Xiaomi's worth in China — making it one of the most valuable companies in the tech and auto sectors, as per the report.

A spokesperson for Xiaomi declined Bloomberg's queries, it added.

• Paul Gong, UBS Group AG’s head of China autos research told BB, “Among tech companies that now build electric vehicles, those who previously had hardware products seem to be more successful than those who only had software products or information services.”
• A loyal customer base, dubbed as “Mi Fans” has also played a pivotal role, the report added. The company used feedback and strong brand loyalty to cultivate its sales.
• Lei is now eyeing global expansion, saying that Xiaomi will consider selling cars outside China from 2027.

(With inputs from Bloomberg)