The Chinese market for electric vehicles has been experiencing significant growth, driven by government incentives and increasing consumer demand for sustainable transportation options. Xiaomi's entry into this market signals its ambition to capture a share of this lucrative industry. 'Thor' is expected to feature cutting-edge technology and design, showcasing Xiaomi's commitment to delivering high-quality products to consumers. The company's CEO expressed confidence in the new EV model's capabilities and emphasized Xiaomi's dedication to sustainability and innovation. By launching 'Thor,' Xiaomi is positioning itself as a formidable competitor to Elon Musk's Tesla, which currently dominates the global EV market. The rivalry between Xiaomi and Tesla is expected to intensify as both companies strive to innovate and capture market share in the evolving automotive industry.