#Xiaomi

Despite years of talk that Apple would eventually start building all-electric vehicles, China’s Xiaomi looks to have beaten the American brand to the punch by previewing the first production EV designed by an established consumer technology company. Though designed might be the wrong word to use as the front of the SU7 sedan appears to have been lifted off the McLaren 750 S while the back is pure Porsche Panamera.

Xiaomi, a Chinese smartphone colossus, has announced they are building their own branded electric vehicles (EVs), just like Apple, Huawei, Sony, and Foxconn.

If you’re prepared to lose money, starting a car company is easy. Just ask Tesla. Xiaomi has plenty, enough to sink $10 billion into the venture over the next 10 years.