Shares of Xiaomi fell as much as 5.4% on Friday in Hong Kong. Xiaomi incorporated its EV subsidiary in September 2021, allowing the company to begin the application process. While some Xiaomi executives are hopeful the authority will eventually green-light the EV project, others worry the process will delay the company's plans, said one of the people, who asked not to be named discussing internal matters. The smartphone and electronics maker is pursuing new growth areas after logging its first sales decline on record in the first quarter.
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