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Chinese smartphone maker Xiaomi said it plans to sell its electric vehicles (EVs) in overseas markets from 2027 after finding success with its first mass-produced car at home, as it joins rivals like BYD and Geely Auto in a quest to lure global customers.
The Beijing-based company has started studying overseas markets, including Europe, to assess gauge consumer demand and the business outlook, president Lu Weibing told Jiemian News, a financial and business media outlet, on Monday.
"I hope that we can officially start tapping foreign markets in 2027," he said.
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Lu made the remarks at this year's MWC Barcelona trade show. He said he would visit several potential markets in Europe after the event.
Xiaomi is among a number of mainland Chinese EV assemblers and supply-chain vendors who are venturing overseas amid mounting worries about overcapacity at home.
In March 2024, Xiaomi started selling its SU7 on the mainland, which starts from 215,900 yuan (US$29,636).
The carmaker, a competitor of Tesla, reported 135,000 deliveries between April and December of last year after garnering more than 248,000 orders. In the car industry on the mainland, a monthly delivery of 10,000 units is seen as a key measure of success.
"Our overall strategy is to gain a strong foothold at home first," Lu said. "If a Chinese carmaker is not able to secure a good position in the domestic market, it will be difficult for it to expand abroad."
Xiaomi, the world's third-largest smartphone maker, first ventured into EV design and manufacturing in 2021.
The SU7 features autonomous driving technology and a digital cockpit, boasts performance comparable to a sports car and is powered by Xiaomi's HyperEngine electric motor that generates up to 21,000 revolutions per minute.
Last week, Xiaomi launched the SU7 Ultra, a premium model, which starts at 529,900 yuan. Lei Jun, the founder and CEO, said Xiaomi's sales target for the new model was 10,000 units.
He said the company expected to deliver more than 300,000 vehicles in 2025. Another new model, the YU7 SUV, is due for launch later this year.
"As a newcomer in the EV sector, Xiaomi's success at home gave its top bosses confidence about expanding abroad," said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai.