Ford CEO's Preferred Electric Vehicle Maker, a Chinese Manufacturer, Introduces Cars in Europe
Xiaomi, the global smartphone giant, is making its first step into the international market with electric vehicles. The company has chosen Europe as its first overseas market for electric vehicle sales, with plans to start selling its EVs in the region by 2027.
The decision comes as Xiaomi reported better-than-expected profits for the second quarter, with increased revenue from electric vehicle sales offsetting declining smartphone demand. This strategic move is a response to the rapid revenue growth seen by other Chinese automakers like BYD and Xpeng in the European market.
In a challenging market outside of China, Xiaomi President Lu Weibing acknowledged that Europe is the "most challenging" market for the company. However, the company's dedicated fan base is expected to help facilitate the increase of brand awareness for its electric vehicles in Europe.
Xiaomi's foray into the European market has already garnered attention from western automakers. Ford's CEO, Jim Farley, has become one of the biggest fans of Xiaomi's electric vehicles despite the SU7 and YU7 models not being available in the USA due to high tariffs. Farley praised Xiaomi as an "industry leader" and expressed his unwillingness to part with his SU7, which he had been driving for six months last year.
In June, Xiaomi introduced its second electric vehicle, the YU7 SUV, which received over 240,000 pre-orders within 24 hours. The YU7, like its predecessor the SU7, boasts a large battery (at least 96.3 kWh) with up to 835 km range and high power up to 691 PS. The Xiaomi SU7 model is also available for direct order on the China EV Marketplace for Europe.
The success of Xiaomi's electric vehicles in China has been impressive, with over 135,000 units of the SU7 sold in its first year. The company is hopeful that this momentum will carry over to the European market.
As Xiaomi prepares to introduce its electric SUV models in Europe, it remains to be seen which specific models will be introduced in the region. The company has not yet revealed which models it will introduce in Europe, leaving enthusiasts and potential customers eagerly awaiting more information.
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