# Business Model

Xiaomi’s Gravity-Defying Act Meets the Ground: The Fragile Reality of the 'Human-Car-Home' Dream

After a meteoric rise driven by the SU7 electric vehicle and Lei Jun's celebrity status, Xiaomi is facing a severe correction in 2026. The company's 'Human-Car-Home' ecosystem, which initially boosted sales across all sectors, is now experiencing a synchronized decline as smartphone shipments and brand sentiment collapse.