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Xiaomi Shakes Up EV Market With Its First Sport Utility Vehicle
The Straits Times
|June 27, 2025
The unveiling of Xiaomi's first electric sport utility vehicle on June 26 will showcase how the Chinese tech company has become an investor darling with its high-stakes bet on the auto market.
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HONG KONG -
Shares of the firm founded by billionaire Lei Jun are within striking distance of a fresh record in Hong Kong after a 64 percent surge in 2025. Now valued at US$187 billion ($239 billion), Xiaomi is worth more than Chinese electric vehicle (EV) leader BYD as it grows its footprint in the world's largest car market.
The new YU7, a direct competitor to Tesla's Model Y, may help it accomplish that record. The SUV is a hallmark of Xiaomi's US$10 billion EV strategy as larger vehicles gain popularity across China.
It also signifies a deeper shift in Xiaomi's business model, offering consumers the ability to sync key aspects of their daily lives. That combined ecosystem is what some investors are saying will cement its place as a leader in China's trillion-dollar tech sector.
Esta historia es de la edición June 27, 2025 de The Straits Times.
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