{"text":[[{"start":7.64,"text":"Xiaomi wants to make your dream car. "},{"start":9.957,"text":"When the Chinese smartphone maker first launched its electric car earlier this year, it entered a market saturated with fast-growing local and global automakers. "},{"start":18.174,"text":"But demand for Xiaomi’s EVs has been much stronger than expected. "},{"start":21.804,"text":"It has a real chance of unseating bigger, older rivals. "}],[{"start":25.67,"text":"After entering the EV market with a $30,000 model in March, Xiaomi is now taking a bet on luxury. "},{"start":32.174,"text":"It launched a version of its SU7 electric sports car in late October, priced at $114,000. "},{"start":38.767,"text":"This puts the EV in direct competition with Tesla’s Model S Plaid in China, which sells for a similar price. "}],[{"start":45.760000000000005,"text":"The SU7 Ultra’s features, including acceleration and top speed specifications, are competitive with global peers’ models. "},{"start":53.37700000000001,"text":"It set a record at Germany’s 20km Nürburgring track — considered a benchmark of performance — with a 6.46 lap time, accelerating from 0 to 62mph in 1.97 seconds and reaching a top speed exceeding 217mph. "}],[{"start":69.91,"text":"Xiaomi has a record of successfully moving upmarket with its flagship product. "},{"start":74.464,"text":"When the world of smartphones was facing price wars, in 2021, it overtook Apple for the first time to become the world’s second-largest smartphone maker. "}],[{"start":83.39,"text":"Shares of Xiaomi have doubled in the past year and trade at 27 times forward earnings, a discount to global smartphone and EV makers. "},{"start":90.957,"text":"Geopolitical risk has been an overhang on the stock since early 2021, when the Trump administration in the US added it to a blacklist of alleged Chinese military companies. "},{"start":100.199,"text":"Although it challenged the 2021 sanctions in federal court and won a reversal, its shares have yet to recover to their pre-sanction peaks. "},{"start":107.404,"text":"The smartphone industry in general has also been battling shrinking margins. "}],[{"start":null,"text":"
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