Xiaomi plans to sell more electric cars in China than all German brands combined
The Chinese tech giant, known mostly for its smartphones, has set an ambitious target for the electric car market that could fundamentally change the balance of power in the industry as early as this year.
Here's What We Know
Xiaomi plans to sell 350,000 electric cars in China within 2025. Handelsblatt specifies that this is more than the combined sales of electric cars of the Volkswagen, Audi, BMW, Mercedes-Benz and Porsche brands in the Chinese market in the previous year.
This target should be achieved thanks to:
- The SU7 sedan, deliveries of which began less than a year ago;
- The launch of the new YU7 crossover, which will be a competitor to the Tesla Model Y.
It is worth noting that Xiaomi is not limited to the domestic market. The company's president, William Lu, recently announced plans to expand internationally "over the next few years," although exact dates and regions are not specified.
Xiaomi YU7 crossover. Photo: Xiaomi
Of particular importance to the company's strategy will be the launch of the YU7 crossover, which is scheduled to begin deliveries in June-July. Given the global popularity of the SUV segment, it is likely that the YU7 will surpass the sales of the SU7 sedan.
Notably, Xiaomi has managed to succeed where others have failed. For example, billionaire founder Dyson failed to launch its electric car, while the Chinese tech company has successfully entered the market and is rapidly increasing its presence.
Source: Handelsblatt
