Xiaomi EVs to enter overseas markets in 2027, confirms CEO
What's the story
Xiaomi CEO Lei Jun has announced that the company plans to launch its electric vehicles (EVs) in international markets by 2027. The news was revealed during a recent live-stream event where he discussed Xiaomi's future plans and priorities. However, before going global, the company wants to solve domestic delivery issues in China, where there are significant backlogs of customer orders.
EV venture
Xiaomi's $10 billion bet on EVs
Xiaomi first announced its entry into the EV space in 2021. The company plans to invest some $10 billion in this industry over the next 10 years. This move is part of a larger trend among Chinese EV makers like Nio and Xpeng, who are already active in the market. Huawei is also making strides through partnerships and tech development.
Current portfolio
Xiaomi currently sells 2 EVs in China
Xiaomi's EV portfolio currently includes two models: SU7 sedan and YU7 SUV. The former was launched in March last year while the latter was announced this June. The YU7 SUV, which looks a lot like the Ferrari Purosangue, secured over 200,000 orders within three minutes of its launch. It is a mid-to-large-size SUV with five seats and dimensions larger than those of the Model Y. The car boasts a range of up to 835km and starts at just $35,000.