Easing component shortages and the construction of next-generation mobile networks in emerging markets will also fuel growth, Tseng said. "A growing user base and higher sales of premium phones could bolster Xiaomi's Internet services, which is key to long-term margin growth," according to Tseng. Xiaomi's billionaire co-founder Lei Jun is leading a US$10 billion electric vehicle project in hopes of turning the consumer electronics brand into a key player in China's EV market, where overseas brands including Tesla and BMW are already making inroads. The Chinese company hired car engineers, invested in auto-driving startups and is building a factory in Beijing after Lei pledged to kick off mass production by 2024. BLOOMBERG