Xiaomi, the Chinese tech giant, is expanding its horizons beyond smartphones and gadgets, making a significant move into the automotive sector. After the launch of its first electric car, the SU7 EV, which already created a buzz in the market, Xiaomi is now targeting the European electric car market. Having established a strong presence in the electric vehicle segment in China, Xiaomi is preparing to directly compete with established automakers like Tesla and BYD. The company plans to launch its first electric car in Europe by 2027, where Tesla and BYD have already gained a foothold. Xiaomi’s expansion plans were signaled by the company’s President, Lu Weibing. Furthermore, reports indicate that Xiaomi’s electric car launch resulted in a 31% increase in quarterly revenue, further boosting the company’s confidence. However, entering the European market won’t be easy for Xiaomi. The Chinese automaker faces import duties and tariffs, potentially leading to a tax of approximately 48% if it sells cars in Europe. This includes a 10% basic duty and around 35-38% in other charges, posing a significant challenge in managing costs and margins. Currently, Xiaomi only sells the SU7 electric sedan. The company completed the production of one lakh units of this model last year, and it was showcased in India as well. The Xiaomi SU7 Max boasts a 101 kWh battery pack, offering a driving range of up to 800 kilometers on a single charge. The SU7 comes in two variants: SU7 and SU7 Max. The SU7 Max is incredibly fast, accelerating from 0 to 100 km/h in just 2.78 seconds, and reaching 200 km/h in 10.67 seconds, with a top speed of 265 km/h. It also delivers 668 bhp of output and 838 Nm of torque.
