Tesla, BYD and Xiaomi are on their way to taking a first a small bite out of traditional manufacturers... but later a not-so-small bite.
As of today: - Tesla is biting somewhat out of US, China and Europe. - BYD is biting A LOT everywhere except US and Europe, and starting to bite in Europe. - Xiaomi is only biting in China... for now.
Future? As they keep ramping up production, lowering prices, and building them with better batteries, they'll eating larger and larger bites.
When personal electronics OEM Xiaomi launched its first ever electric car, it conservatively predicted that it would be able to ship 100,000 of them by the end of 2024. Now, the company is said to believe that it will hit that target far earlier than it imagined, even though it has just taken one of its vehicular production lines offline.
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