After not even a full year of being on sale, Xiaomi's SU7 electric sports sedan is rapidly grabbing Chinese market share.

Sales of the iPhone in China suffered at the end of 2024, seeing a drop in sales that has put it in a close race for second place with Chinese smartphone maker Xiaomi.

There is no simple route to valuing China's Xiaomi . The company, best known for its smartphones and internet-connected rice cookers, air purifiers and other gadgets, began selling electric cars last year.

Xiaomi recently announced that the Xiaomi SU7 had surpassed the Tesla Model 3 in terms of vehicle deliveries in December 2024, thereby achieving a position among the top 5 in China's electric vehicle (EV) sedan sales list.

Apple's iPhone sales in China reportedly took a tumble at the end of 2024, with a considerable reduction in sales putting it in a dead heat with homegrown Xiaomi.

"We actually no longer call it EV. We call it EIV. 'I' stands for intelligent," Pan Jian, the co-chairman of CATL, told a panel at Davos.

Lei Jun pledged Xiaomi’s support for subsidy policies, boosting sales 4x. Xiaomi phones, tablets, and wearables, priced under 6,000 yuan, are subsidy-eligible.

China can tap a large software engineer talent pool from its consumer-focused companies, Pan Jian of battery maker CATL told the World Economic Forum.

Xiaomi's president of mobile phone department, Lu Weibing, reportedly answered user questions and highlighted the long-awaited 15 Ultra. Weibing stated in a video that the device will see a "simultaneous" launch in China and overseas markets after the Chinese New Year.

Xiaomi CEO Lei Jun has released a new WeChat emoticon package. The set features 16 uniquely designed emoticons, capturing the festive cheer

According to Counterpoint Research, Apple was unable to gain market share in China with the iPhone 16. This helps local manufacturers.

Asian equities were higher, except for Hong Kong and Mainland China, which were off following President Trump’s 10% tariff threat, which prompted profit-taking after six days of gains.