Xiaomi Prioritises Domestic EV Market, Eyes Overseas Expansion Post-2027
Xiaomi, renowned for its smartphones, will not consider selling its electric vehicles (EVs) outside of China until 2027, according to CEO Lei Jun. The announcement was made during a livestream on Wednesday, where Lei Jun emphasised the company’s immediate focus on its robust domestic market.
Domestic Focus Driven by Strong Demand
Xiaomi’s decision stems from the overwhelming demand for its SU7 sedan and the recently launched YU7 sports utility vehicle. The company had previously hinted at 2027 as the earliest potential year for international EV shipments.
SU7 and YU7 Performance
The electric SU7 sedan has already made a significant impact, surpassing Tesla’s Model 3 in monthly sales since December. The YU7 SUV, which went on sale last Thursday, also garnered robust orders within its first 18 hours.
Production Challenges and Customer Complaints
However, this high demand has led to considerable waiting times for customers. A Reuters report on Tuesday highlighted that YU7 buyers are facing waits of over a year to receive their vehicles, leading to a new wave of customer complaints. During the livestream, many commentators raised concerns about these long waiting periods and the company’s production ramp-up, but Lei Jun offered no specific details, stating only, “We’ll strive to ramp up capacity.”
Strategic Prioritisation
The company’s strategic decision to prioritise its home market underscores the intense competition and rapid growth within China’s EV sector, as Xiaomi aims to solidify its position before venturing into global markets.
