From CNBC:

Chinese electronics company Xiaomi revealed its electric car, targeting premium consumers. The company, spending $10 billion on development, plans to start domestic deliveries in the second quarter of the year. Xiaomi aims to expand its ecosystem approach to the car market, with a focus on top-tier offerings.

Xiaomi, known for its affordable products, launched the SU7 electric car with plans for a formal release soon. The company ranks third globally in smartphone shipments and is now branching out into the electric car market. Xiaomi’s focus on ecosystem development and premiumization strategy has shown progress in its product offerings.

Huawei, a major player in China’s electric car market, has seen a surge in smartphone shipments, surpassing Xiaomi. The company has introduced the Aito vehicle brand and promotes various premium cars. Alongside Xiaomi, it is pushing into the competitive electric car market, showcasing its tech capabilities as a telecommunications and smartphone company.

Xiaomi’s approach to expanding into the electric car market includes launching a new operating system, HyperOS, with AI capabilities for proactive device adjustment. The company’s ecosystem development aims to position it competitively in a market expected to grow more intense. Xiaomi plans to deepen its involvement through in-house manufacturing and component production.

Xiaomi eyes overseas markets, expecting them to be a significant growth driver. Revenue from outside mainland China has been substantial, especially in Europe and India. Xiaomi aims to leverage the overseas consumer electronics market, recognizing that it is much larger than China’s. The company plans to focus on global diversification and product offerings for sustainable growth.



Read more: Xiaomi bets on new EV SU7; targets potential 20 million premium users