Xiaomi to Expand Electric Vehicle Sales Globally
Xiaomi is planning to expand the sales of its electric vehicles (EVs) outside of China ‘within the next few years,’ according to company President William Lu. The announcement was made at Xiaomi’s product launch at the Mobile World Congress in Barcelona.
‘I cannot share too many details but I am so excited to tell our global users that Xiaomi will be releasing EVs for the sale in global markets within the next few years,’ Lu stated, without providing a specific timeline. These comments reflect the Chinese technology company’s ambitions to challenge established players in the global EV market, such as Tesla.
This week, Xiaomi launched its first premium EV in China, the SU7 Ultra, which starts at 529,000 Chinese yuan (approximately $72,627). Lu reported that the car received 15,000 orders in the initial 24 hours and is being displayed at the Mobile World Congress.
This is Xiaomi’s second foray into the EV market, following the announcement of its intentions in 2021. Xiaomi’s initial vehicle, the SU7, was launched in March of the previous year. Although primarily recognized as a smartphone manufacturer and the world’s third-largest smartphone vendor, Xiaomi currently only sells its EVs within China.
The Xiaomi SU7 has proven successful, with over 100,000 units delivered last year. This success, along with a resurgence in smartphone sales, has boosted the Hong Kong-listed company’s stock, which has increased nearly 300% in the last 12 months.
The Beijing-headquartered company aims to capitalize on this momentum with the introduction of a new high-end phone, the Xiaomi 15 Ultra, launched on Sunday. The company hopes this new phone will allow it to challenge Samsung in the international market.
