Xiaomi CEO: No EV Sales Outside China Before 2027 Amid High Demand

Xiaomi's EV Strategy and Domestic Focus

• 🎯 Xiaomi CEO Lei Jun stated the company will not sell its electric vehicles outside China before 2027.
• ⚡ The primary focus is on meeting domestic orders for its two EV models.

High Demand and Production Challenges

• 📈 Xiaomi's first two electric cars, launched within the last year, are experiencing struggles to keep up with demand.
• 🚗 The YU7 SUV, launched recently, received approximately 240,000 orders in its first 18 hours.
• ⏳ Buyers are now facing wait times exceeding one year for their vehicles.

Market Performance and Customer Concerns

• 🏆 The SU7 sedan has outsold the Tesla Model 3 every month since December in the Chinese market.
• ⚠️ Hundreds of customers have reportedly demanded refunds due to not being informed about long wait times when placing orders, according to a Reuters review of a consumer complaint site.
• 🏭 Xiaomi is planning to build new factories near its Beijing plant to increase production capacity.