Chinese technology giant Xiaomi is preparing to enter the global electric vehicle (EV) market, company President William Lu announced on Sunday. Speaking at the Mobile World Congress (MWC) in Barcelona, Lu confirmed the company’s plans to sell EVs outside China “within the next few years.” While he did not reveal an exact timeline, his remarks highlight Xiaomi’s growing ambitions to challenge major players like Tesla.
This week, Xiaomi launched its latest premium EV, the SU7 Ultra, in China. The vehicle, priced at 529,000 Chinese yuan (€69,248), received an impressive 15,000 orders within 24 hours. The SU7 Ultra is currently being showcased at Xiaomi’s MWC booth, further demonstrating the company’s commitment to the EV industry.
Xiaomi officially entered the EV sector in 2021 and launched its first model, the SU7, in March last year. Since then, the company has delivered over 100,000 units, cementing its position in the market. However, Xiaomi has so far restricted its EV sales to China. Despite this, it remains a global powerhouse in the smartphone industry, ranking as the world’s third-largest smartphone vendor.
The company’s EV success, coupled with a recovery in smartphone sales, has contributed to a nearly 300% surge in its Hong Kong-listed stock over the past year. Capitalising on this momentum, Xiaomi also introduced its new flagship smartphone, the Xiaomi 15 Ultra, on Sunday, aiming to compete with Samsung on the global stage.
Photo credit: Xiaomi
