Xiaomi is set to expand its electric vehicle (EV) sales beyond China “within the next few years,” according to comments made by company President William Lu on Sunday.
Lu’s announcement came during Xiaomi’s product launch at the Mobile World Congress in Barcelona. While specifics regarding the timing remained undisclosed, the statement emphasizes the Chinese tech giant’s global ambitions in the EV market, with the goal of competing against established players like Tesla.
“I cannot share too many details, but I am so excited to tell our global users that Xiaomi will be releasing EVs for sale in global markets within the next few years,” Lu stated at the event.
This week, Xiaomi launched its first premium EV in China, the SU7 Ultra. The vehicle has a starting price of 529,000 Chinese yuan ($72,627). Lu noted that the car garnered 15,000 orders within 24 hours of its unveiling. The SU7 Ultra was also on display at Xiaomi’s MWC booth.
This marks only Xiaomi’s second foray into the EV market, following its initial announcement in 2021. The company’s first vehicle, the SU7, was launched in March of last year.
Although Xiaomi is best known for its smartphones, the company is the world’s third-largest smartphone vendor. Currently, Xiaomi’s EVs are only sold in China.
The SU7 has proven to be successful; Xiaomi delivered over 100,000 units last year. This EV success, coupled with a recovery in smartphone sales, has significantly boosted the company’s stock, which is listed in Hong Kong. The stock has seen a surge of almost 300% over the past 12 months.
The Beijing-headquartered company is capitalizing on this momentum. On Sunday, they launched a new high-end phone, the Xiaomi 15 Ultra, with the aim of challenging Samsung on a global scale.
