Europe, Xiaomi and EV
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The move marks the first overseas foray for Xiaomi's cars, which have proved enormously popular in China and wowed Western auto executives.
Xiaomi plans to enter Europe’s EV market by 2027 and compete with Tesla and BYD. The company expects its car division to become profitable by the end of this year. BMW and F1 veterans have joined Xiaomi to develop its new European R&D center.
Xiaomi disrupted China's already-hot EV market. Now, the company is planning to export vehicles to other markets, including Europe.
A new Chinese carmaking behemoth is planning an all out global offensive. Xiaomi, which is best known for making smartphones but now also makes electric cars, is now planning on selling its vehicles in Europe by 2027,
Xiaomi Corp. intends to sell its first electric vehicle in Europe by 2027, declaring plans to take on Tesla Inc. and BYD Co. globally after gaining traction with its year-old Chinese EV business.
A rise in sales of smartphones, especially in Southeast Asia, helped to boost Xiaomi's second-quarter revenue by 30.5 per cent, the smartphone and EV company said on Tuesday.Revenue for the quarter ended June 30 was 116 billion yuan ($16.