Citigroup expects Xiaom$XIAOMI-W(01810)$
There is no scale effect in the early stage of car manufacturing, and it is normal to lose money. It is just a little cash flow. With sufficient order demand, Xiaomi's back-end car manufacturing capacity is basically clear, and the limit is 100,000 vehicles.
Of course, the key to business operations is capacity climbing, but the early valuation is still estimated from the perspective of PS. According to the rough estimate of Dolphin Jun before, the separate valuation of the short-term automotive business is still less than 10 billion US dollars, and Xiaomi's increase on that day has been included.
To continue to grow, it still depends on whether the traffic of Xiaomi car users into the store can be effectively converted into users of Xiaomi mobile phones and IoT products, forming a certain cross-selling.$BYD COMPANY(01211)$
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