Xiaomi Unveils Global EV Expansion Plans at MWC
Xiaomi President William Lu has revealed the company's ambitious global expansion plans for its electric vehicle (EV) business at the Mobile World Congress in Barcelona. The Chinese tech giant aims to enter the European market next, considering establishing a factory and research and development centres to prepare for future market expansion.
Xiaomi's expansion plans come as Chinese EVs have gained traction globally. In New Zealand, for instance, Chinese EVs now control at least 15% of the market, suggesting a potential entry point for Xiaomi. The company has set a goal to expand its EV business beyond China by 2027.
Xiaomi has ruled out a US launch but is prioritising markets with fewer trade restrictions and regulatory hurdles. The company is focusing on regions where Chinese EVs have already gained traction. To navigate complex compliance issues in multiple countries, Xiaomi is conducting market research and has formed dedicated business preparation groups to explore overseas sales. Initially, the company may launch in select countries to gauge market response.
Xiaomi's entry into the EV sector has been successful in China, with popular models including the SU7 sedan and YU7 SUV. The company recently announced the SU7 Ultra, priced from RMB 529,000 (under NZ$130,000), with three electric motors generating 1127kW, surpassing the Porsche Taycan Turbo GT's 760kW. Xiaomi's global expansion plans are expected to bring strong competition to the international EV market.
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