Xiaomi Aims Big With New Electric Vehicle, Targets 20M Premium Users In China: 'Good Starting Point'
Portfolio Pulse from Benzinga Neuro
Xiaomi Corp (OTC:XIACF) is targeting 20 million premium users in China with its new electric vehicle (EV), the SU7, set to be unveiled at the Mobile World Congress in Barcelona. The company is exploring various price points for the SU7, which has a $10 billion development budget. Despite comparisons to Porsche models and a competitive market, Xiaomi is confident in its ecosystem development and premiumization strategy. The company plans to start production of the SU7 soon, aiming to produce over 10,000 units by July.
February 26, 2024 | 8:51 am
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Xiaomi Corp is entering the EV market with the SU7, targeting 20 million premium users in China, with a significant development budget and a strategic focus on ecosystem development.
Xiaomi's entry into the EV market with a significant development budget and a target of 20 million premium users in China indicates a strong potential for growth in this new venture. The company's confidence in its ecosystem development and premiumization strategy, despite a competitive market, suggests a positive outlook for its stock price in the short term.
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