Tech Leaders of China @ChinaTech: "Xiaomi to Begin EV Sales..."

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Xiaomi to Begin EV Sales in Europe in 2027, President Says 👉 $1810.HK (Xiaomi Corp) is preparing to start selling its electric vehicles in Europe starting from 2027, the company’s co-founder and President Lu Weibing announced on Tuesday. 👉 The tech giant confirmed its entry into the Old Continent amid its second quarter earnings report, in which it said its EV unit more than tripled its revenue year over year to 20.6 billion yuan ($2.87 billion). 👉 The Beijing-based brand has been gradually preparing to enter the European market, including by silently establishing an R&D center in Munich, as reported earlier this year. 👉 Xiaomi has recently hired $BMW.DE (Bayerische Motoren Werke Aktiengesellschaft) -veteran and designer Kai Langer, who joins former colleague Rudolf Dittrich, the Head of the brand’s R&D center in Munich since last year — according to his LinkedIn profile. 👉 In early July, the company also registered its first ever vehicle in both Germany and across Europe. 👉 “Today I test-drove the Xiaomi SU7 Ultra in Munich, Germany. This is also our first test vehicle to be registered in Europe,” Lu Weibing wrote on Weibo. In July, Xiaomi delivered “over 30,000” EVs, a new monthly record as it started deliveries of the newly launched YU7 SUV. 👉 The vehicle aims to compete with $TSLA (Tesla Motors, Inc.) ‘s refreshed Model Y in the world’s largest EV market. It reached a record 240,000 locked-in orders in the first 18 hours of its debut. However, the company is still struggling to ramp up production, with a planned factory expansion already in course in Beijing. 👉 Delivery waiting times for both its SU7 and YU7 models have reached over 52 weeks, prompting co-founder and CEO Lei Jun to tell customers who couldn’t wait for the car to choose models from other brands instead. 👉 Last week, and for the first time since January, Tesla‘s Model 3 has outperformed SU7’s weekly sales in China, ranking as the best-selling sedan in the country. 👉 Xiaomi also disclosed on Tuesday that it delivered 81,302 vehicles from April 1 to June 30, up from 75,869 units in the first quarter. 👉 The company aims for its 2025 deliveries to reach 350,000 units, having reached 53.5% of its yearly guidance up until July 31. Read more ❓ eletric-vehicles.com/xiaomi/xiaomi-to-begin-ev-sales-in-europe-in-2027-president-says/ ✨ $1810.HK is part of eToro’s @ChinaTech Smart Portfolio, which gives investors exposure to the Chinese companies leading the way in the country’s bid for global dominance. @ChinaTech is part of eToro's Smart Portfolios series, which covers innovative themes and is available from a minimum investment of $500. Some of the companies invested in this portfolio are $00763.HK (ZTE Corp) , $ZLAB (Zai Lab Limited-ADR) , $BABA (Alibaba-ADR) , $03690.HK (Meituan Class B) , $02018.HK (AAC Technologies Holdings Inc) , $NTES (NetEase Inc.-ADR) and $PDD (PDD Holdings Inc - ADR) . Your capital is at risk. Past performance is not an indication of future results.