In an unexpected pivot, smartphone maker Xiaomi is accelerating its plans to take its sleek SU7 electric vehicle beyond Chinese borders – and the reason might make you check your wallet twice.
The tech giant, known for its “bang for your buck” smartphones, has found itself in an ironic position: losing approximately 38,000 yuan (around NZ$9,000) on every SU7 sold in its home market. Talk about an expensive way to make new friends!
In a strategic move that would make even chess grandmasters raise an eyebrow, Xiaomi has inked a deal with Hyperion Leasing (Tianjin), a state-owned subsidiary of Sinomach, to handle international distribution . The partnership, announced on February 10, 2025, marks a dramatic departure from Xiaomi’s original “China-first” strategy, which had planned to delay exports until nearly 2030.
Why the rush to go global? Simple mathematics and a dash of BYD-inspired optimism. Their competitors have shown that selling cars in Europe can be four times more profitable than domestic sales, even after jumping through tariff hoops . It seems Xiaomi has decided that losing money is so last season.
Russia appears to be first in line for the SU7’s international debut, leveraging Hyperion Leasing’s existing network of 50 dealers and experience with other Chinese brands like Oting and Rox Motor . Interestingly, some eager Russian consumers haven’t even waited for official channels, already importing SU7s through unofficial means .
The plot thickens with Xiaomi’s upcoming F2 factory completion, which will not only help address the current 5-8 month domestic waiting list but also launch the mysterious YU7 – their second model . It seems Xiaomi is playing chess while others are playing checkers, positioning their pieces for a global automotive takeover.
In this bold transformation from smartphone sensation to automotive innovator, Xiaomi is writing a new chapter in the electric vehicle saga. Whether this ambitious gambit will pay off remains to be seen, but one thing’s certain: the company is charging full speed ahead into the global automotive arena, losses be damned.
