In the future, the company plans to build in two directions: annually -to increase part of smartphones in the domestic market and gradually enter into new international vehicle markets.
Xiaomi has officially confirmed plans to enter the European Electric Vehicle Market in 2027. According to Bloomberg, the company wants to confess its success in China in global expansion and directly compete with leaders such as Tesla and Byd.
However, accessing the European market will be complicated. Car manufacturers from China face hard duties, introduced by the EU for accusations of state subsidies. The total burden on imports can reach about half the cost of the car, discussing the financial efficiency of expansion. In the United States, Chinese brands are really closed for a 100 percent duty.
Despite this, there is confidence that Xiaomi has an interest in his vehicle. For the first half of the year, the company sold more than 157 thousand cars and approached its goal – to enter the world’s five largest automakers over the next two decades. Brand founder Lay Zyun previously said the car unit could be benefiting at the end of the year.
The demand for the new YU7 crossover is so high that the line for its receipt has been stretched for more than a year. This makes it possible to maintain the speed of development even against the background of a decline in Xiaomi’s main business – smartphones.
Analysts note that Xiaomi’s success in the electric car market has highly raised the company’s capitalization – more than $ 120 billion per year. Even after a tragic accident in one of the SU7 sedans, which exacerbated the autopilot systems in China, the demand for the products did not fall.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.