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.

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.

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.

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.

"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.

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

In November, Lei Jun, founder of Xiaomi, announced sales exceeded 100,000 models, and 120,000 sales were within reason. By the end of the year, Jun stated sales had exceeded 135,000 models, more than double the original sales target and with only nine months on the market.

Apple faced two downgrades ahead of earnings, with analysts citing weak iPhone demand. China continues to be a headwind for sales.

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