Repost: Generally not optimistic about Xiaomi's current car manufacturing venture; 1. Currently, pure electric vehicles in China are mostly sold at a loss (BYD and Li Auto's profitability is largely due to hybrid models). It can be predicted that Xiaomi will face significant challenges in achieving profitability from car sales in the next three years. 2. Achieving economies of scale is difficult in the auto industry compared to smartphones, as production ramp-up is much slower. Reducing costs through scale will be hard within three years. 3. Currently, profitable automakers like Tesla, Li Auto, and BYD all have hundreds of billions in capital reserves. Xiaomi's existing 100 billion RMB is not a significant advantage. 4. Xiaomi's smartphone business is under heavy pressure from Huawei and Honor (both have made strong comebacks). 5. Xiaomi's smartphone gross margins are very low, with most revenue coming from high-margin ads. This ad-based business model will be hard to replicate in the auto industry. 6. In smartphones, Samsung's position is akin to BYD in autos. While Samsung exited the Chinese market for various reasons, BYD won't face this issue. 7. Xiaomi was only slightly behind Apple, HTC, and Samsung in smartphones, but in autos, it's outside the top 10.