Xiaomi plans third model

Staff reporter

Xiaomi (1810) plans to launch a third model - a sport utility vehicle - in 2026 with a projected starting price of 150,000 yuan (HK$160,506), according to mainland media reports.

The report said the model, internally codenamed KL, may be outsourced to Dongfeng Motor Corporation for production or could involve acquiring and upgrading the state-owned automaker's existing factories.

KL stands for "King's Landing" and its groundbreaking significance will exceed everyone's expectations, the reports said, quoting people familiar with the matter.

The smartphone maker's first vehicle model, the SU7, was released in March. The name SU stands for Speed Ultra and the series features four versions: SU7, SU7 Pro, SU7 Max and SU7 Ultra.

Deliveries of the series have surpassed 100,000 units, meeting its target ahead of schedule, with the annual goal now revised to 130,000 units.

The company's second model, its first all-electric SUV internally codenamed MX11, is expected to debut by year-end and enter the market in the first quarter of 2025.

The model is reported to share the same platform and some components with the SU7 but features a more distinctive design and is expected to compete directly with the Tesla Model Y.

China's SUV market recorded retail sales of 8.76 million units from January to October this year, a 7.4 percent increase year-on-year, according to data from the China Passenger Car Association.