Xiaomi has announced its intention to officially enter the European electric car market
Xiaomi President Lu Weibing has announced that the company is planning a large-scale entry into the European electric vehicle market no later than 2027.
How Xiaomi is preparing for Europe
In July, the company officially announced its SU7 Ultra car in Munich. Xiaomi is currently setting up an RD centre in Munich, where some former BMW top managers have moved.
Xiaomi feels confident enough to expand into the large, highly regulated European market. Good sales in China - more than 80,000 EVs in the second quarter and revenue growth of +233% - provide a strong foundation for planning for market expansion.
Why It Matters
Cars are not smartphones. They last longer and are more complex, so you need to negotiate with a large number of dealerships and service centres and train a large number of staff. In addition, you need to ensure wide availability of consumables and components. This is all complicated and expensive. Therefore, Xiaomi's optimistic attitude means that they feel they are in a strong position. Only time will tell whether their optimism is justified. But it looks like Xiaomi is moving from being one of the many Chinese manufacturers without official support in Europe to a full-fledged, reliable automotive brand. But Xiaomi is so dynamic everywhere.
Source: xiaomitime.com
