FLORENCE LO/REUTERS
- Elon Musk thinks that Chinese auto firms like BYD are Tesla's biggest competition.
- Now Tesla has a new rival in China after smartphone maker Xiaomi unveiled its first EV, the SU7.
- The tech company invested $10 billion in 2021 to try and become an electric car giant.
Elon Musk is already taking heat in China from popular EV-maker BYD. Now Tesla has a new rival in the country as smartphone maker Xiaomi launches its first EV.
The Chinese tech giant unveiled the SU7, a battery-powered luxury vehicle, on Thursday, with Xiaomi's CEO vowing to take on Tesla in the world's largest EV market.