Xiaomi, known for its smartphones, ventures into the electric vehicle (EV) market continues with the company planning to introduce an SUV resembling Tesla’s Model Y. This yet-to-be-seen Xiaomi SUV will enter production as early as 2025. 

Under the leadership of its billionaire co-founder Lei Jun, the company first announced its ventures in the EV market in 2021 with discussions of releasing an SUV but turning to its sedan model first. Now, Xiaomi’s plan to introduce another EV model comes after the production of its debut EV model, the SU7, with projections showing production numbers of around 100,000 units in 2024. Furthermore, the company is accelerating its EV plans to diversify its revenue streams instead of focusing solely on the smartphone market and challenging Tesla and BYD, containing great control in the Chinese EV market.  

Currently, there are no clear details as to what Xiaomi’s specifications are for its upcoming SUV model but only details that it will be similar to Tesla’s Model Y according to Bloomberg. With Xiaomi’s SUV aiming for a 2025 production date, Tesla’s Model Y is already thriving in the Chinese EV market with its recent head-turning offer of a zero down payment offer for its Model Y and Model 3. 

As for Xiaomi’s current state in the EV market, its SU7 made a good track record since its 90,000 confirmed orders within a month of its debut. Notably, Xiaomi is also targeting over 10,000 deliveries in June for its SU7. As a result, the company’s aim is to leverage its momentum to develop further regarding its SUV model. 

While Xiaomi’s EV goals bring many challenges amid fierce competition, the company’s plans to bring a new SUV model into the Chinese EV market could set it apart from others as its two revenue streams of smartphones and EVs can elevate it to new heights in the rapidly evolving EV industry.

Want to learn more about EVs? Thinking of buying an EV? Head over to EV.com and discover more.

EV.com is the world’s 1st Electric Vehicle (EV) marketplace that aims to promote zero-emission mobility by providing a platform for consumers to learn about, compare, and purchase EVs.