Xiaomi EVs could be priced judiciously

Almost six years after launching an electric scooter, China’s tech giant Xiaomi is gearing up to unveil the prototype of its first electric vehicle (EV), and it seems that being from the Xiaomi stable, the cars that will roll out could be fairly priced, similar to its mobile phones.

 

Xiaomi has a history of pricing its mobile phones reasonably, which are also highly durable, and even its first car, which it plans to launch in 2024, may either be a mass market EV or it could be priced judiciously.

Xiaomi EV concept car -- Source: 
Mo Fei via MyDrivers.

The scooter, which it launched in 2016, was basically a push-scooter that seemed to look as if it was made for children, and was called the Xiaomi M365 or Mi Electric Scooter.

 

The Chinese tech company made a mega commitment for its electric car market last year, vowing to pump in $10 billion over the next decade.

 

Xiaomi launched a subsidiary named Xiaomi Automobile Technology exclusively for its electric vehicles with a registered capital of yuan 1 billion (nearly euro 140 million). 

 

The plan of Lei Jun, chief executive officer (CEO) of Xiaomi’s new company, seems to be as per schedule.

 

The prototype of Xiaomi’s newly-founded automobile division was to be showcased in the third quarter. But details are likely to emerge in August. 

This would be done through a public event to be broadcast live on the Internet.

 

The prototype will witness a litany of road tests, so that a functional vehicle evolves. The first climatic tests may be conducted this winter (2022) and mass production could commence in the first half of 2024.

 

The company had earlier revealed that it would come up with four models — two of them in the range of yuan 150,000-200,000 (yuan 1.5-2 lakh).

 

The other two would be priced around yuan 200,000-300,000 (yuan 2.5-3 lakh). This translates into around euro 21,688-43,375.

 

Xiaomi would do everything to ensure that its deadlines are met. By 2027, the tech giant is targeting to reach an ambitious 900,000 (9 lakh) units, which is a manifold rise for a new factory.

 

The new Beijing plant will have a capacity of 300,000 (3 lakh) units per year. Hence, the deadline looks pretty tight.

 

Xiaomi’s first electric prototype car is likely to be designed by HVST Automobile Design. This is the same company that designed WM Motor’s Maven concept.

 

Xiaomi is planning to hire a public relations (PR) director for its EV, indicating that it may roll out a mega promotional campaign in the next few months. After all, it has to make the public aware that it is also an electric vehicle company.

According to market research firm Canalys, nearly 1.9 million electric vehicles were sold in China during 2021. This is a whopping 51 per cent jump from the previous year.

 

So, with China’s mobile giant Xiaomi readying to unwrap the prototype of its first electric vehicle, it seems that EVs that would roll out from its factory could be moderately priced just like its mobile phones.