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Xiaomi EV, the automotive arm of the Chinese tech giant Xiaomi, has set its sights on a lofty goal – to have its vehicles driving on every street in the world. However, in a recent Q&A session on Weibo, Xiaomi EV addressed the question of whether its first model, the Xiaomi SU7, would be available globally. The company said that for now, the focus is squarely on the domestic market in China. So, while they dream of global domination, it seems they are playing it safe in the short term.
This push into the automotive industry started in March 2021, when the company announced a substantial investment of £1.13 billion in its automotive business, with a promise of £8 billion more over the next decade. Xiaomi’s founder and CEO, Lei Jun, has expressed high hopes for the company’s first vehicle, stating that he’s in it to win it.
However, despite their aspirations, Xiaomi EV has been coy about revealing crucial details. At a tech launch event in December, the company showcased the Xiaomi SU7 and shared its specifications but remained tight-lipped about pricing. It’s essential to remember that, in the world of electric cars, pricing can make or break a brand’s success.
One interesting fact about Xiaomi’s strategy is its desire to be among the top five automakers globally within 15-20 years. Lei Jun has set the ambitious target of becoming a key player in the smart driving space by 2024. However, this path is riddled with challenges, as the industry is already dominated by established giants. Lei himself acknowledges that to succeed, Xiaomi must ship more than 10 million units annually.
Another notable detail is Xiaomi EV’s decision to focus solely on the Xiaomi EV brand, rather than expanding its lineup with Redmi vehicles. Redmi, Xiaomi’s affordable sub-brand, caters to a more budget-conscious market segment. Xiaomi seems determined to carve a niche in the premium electric vehicle market for now, but whether it can compete with well-established competitors remains to be seen.
The pricing of the Xiaomi SU7 remains a secret, with the CEO cautiously saying the company’s first EV won’t be cheap. Rumors have been swirling wildly, with some suggesting prices as low as RMB 99,000 (£11,300) and others as high as RMB 199,000 (£22,700). Xiaomi EV has dismissed these rumors, but the actual price is still shrouded in mystery.
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