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Xiaomi Shares Climb on Plans for 2027 European EV Launch
Shares of Xiaomi Corp (HK:1810) rose sharply in Hong Kong trading on Friday after the Chinese technology company confirmed it plans to launch its electric vehicles (EVs) in Europe starting in 2027, signaling a major step in its global automotive ambitions.
Market Reaction
Xiaomi's stock climbed 3.6% to close at HK$28.46, after touching an intraday 10-day high of HK$28.76. The rally positioned the company as one of the top performers on the Hang Seng Index, which gained 2% during the session.
European Expansion Details
Company executives announced the timeline at the IFA trade show in Berlin on Thursday. According to a report by Electrek, Xiaomi has already signed memoranda of understanding with eight of Germany's largest automotive dealer groups. The partnerships are intended to establish a “high-quality retail and service network” ahead of the planned 2027 launch.
AdStrategic Context
This move into Europe represents a significant potential growth market for Xiaomi's nascent EV division. The expansion follows a strategy also employed by other major Chinese automakers, such as BYD (HK:1211) and SAIC (SS:600104), which are targeting the region to diversify away from the intensely competitive domestic market.
Xiaomi, primarily known for its consumer electronics, is a new entrant to the auto industry, having only begun sales of its first model, the SU7 sedan, in China in early 2024. The company recently announced a new EV series, SkyNomad, marking its entry into the extended-range vehicle segment.
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