In my view, Apple's car project always seemed a bit nebulous and potentially misaligned with their core strengths which is high-margin consumer electronics.
Some quick googling suggests car margins for manufacturers are no where near Apple's margins.
Xiaomi didn't try to "reinvent" the car by spending a few years trying many stupid designs that look nothing like a conventional car, as in previous reports. They wanted to make a car that has their design and has their logo on it, and they did it. Talking about being pragmatic.
