Xiaomi will consider setting up electric vehicle factories in Europe, as its automaking peers are targeting further expansion in overseas markets to get rid of the cut-throat domestic competition.
The Beijing-headquartered company has conducted on-site inspections in Europe this past June and will first consider establishing automobile showrooms, said vice president and chief marketing officer Xu Fei at a press conference. Xiaomi previously disclosed a plan to tap into the European market in 2027.
While Xu did not disclose the specific model Xiaomi will launch in the region, it is anticipated that the company may not design an entirely new vehicle specifically for overseas markets.
Xiaomi SU7 has achieved cumulative deliveries of 300,000 vehicles within its first 15 months, while the Xiaomi YU7 secured 200,000 pre-orders within just three minutes of its launch, Xu noted.
Xu also revealed Xiaomi's plan to establish 10,000 self-operated Xiaomi Home stores to sell its home appliances globally by 2030.
Xiaomi's plans are in line with the lasting overseas expansion of Chinese manufacturers, which have been caught between the price wars and anti-involution campaign initiated by the central government in Beijing.
XPeng (9868) hopes to see half of its EV sales and revenue come from overseas markets in the coming 10 years, chairman and chief executive He Xiaopeng said at a forum.
He noted that Chinese EVs just received only "a little" recognition, with sales still accounting for a low market share, adding that XPeng aimed to tap into the high-end segment first in overseas markets.
Meanwhile, BYD's (1211) special adviser Alfredo Altavilla said that the EV giant needs a plant in Europe to produce batteries as its automaking capacity on the continent will be expanded.
