Xiaomi SU7 EV may remain only in the Chinese market
January 9, 2024

Xiaomi SU7 EV may remain only in the Chinese market

Xiaomi EV, the automotive wing of the Chinese technology giant of the same name, has set an ambitious goal – that their vehicles go on every street in the world. However, in a recent Q&A session on the Weibo social network, Xiaomi's EV division answered the question of whether their first model, the Xiaomi SU7, will be available globally. The company said that for now the focus is exclusively on the domestic market in China. So while they dream of global dominance, they seem to be playing it safe in the short term.

This foray into the automotive industry began in March 2021, when the company announced a significant investment of €1.30 billion in its automotive business, with the promise of an additional €9 billion over the next decade. Xiaomi founder and CEO Lei Jun has expressed high hopes for the company's first vehicle, saying it is here to win.

However, despite their ambitions, the Xiaomi EV has been secretive about revealing key details. At a tech event in December, the company unveiled the Xiaomi SU7 and shared its specifications, but remained tight-lipped about the price. It's important to remember that in the world of electric cars, price can make or break a brand's success.

One interesting fact about the company's strategy is the desire to be among the top five car manufacturers in the world in the next 15-20 years. Lei Jun has set an ambitious goal to become a key player in smart driving by 2024. However, this path is full of challenges, as the industry is already dominated by established giants. Lei himself admits that Xiaomi must deliver more than 10 million vehicles annually if it wants to succeed, EV Arena reminds.

Another significant detail is the decision of the Xiaomi EV department to focus exclusively on the Xiaomi EV brand, instead of expanding the line with Redmi vehicles. Redmi, the affordable sub-brand of Xiaomi, is aimed at the lower budget segment of the market. For now, the company seems determined to build its place in the premium electric vehicle market, but it is still not entirely clear whether it will be able to compete with well-established competitors in the market.

The price of the Xiaomi SU7 currently remains a secret, but the company's director previously stated that the company's first EV will exceed all expectations. Rumors then spread at a wild pace, with some claiming that this car would only cost around RMB 99,000 (€13,000).

Others, however, announced that the price will actually be around 199,000 RMB (26,100 euros). However, Xiaomi EV dismissed these rumors, but the actual price is still shrouded in mystery.