Chinese consumer tech giant Xiaomi will launch its first-ever EV at a press conference in Beijing Thursday, injecting itself into a fiercely competitive sector in the world’s largest car market.China is now the world’s largest producer of greenhouse gases, but officials plan for domestic car sales to be made up mainly of electric and hybrid models by 2035.
The launch of the SU7 comes just days after BYD, the world’s top seller of EVs, posted record annual profits as it pushes a rapid expansion overseas into countries in Southeast Asia, as well as further afield in Latin America and Europe.
In a note attached to the earnings report, BYD CEO Wang Chuanfu acknowledged the year had not been all smooth sailing.
“At the beginning of the year, the recovery of automobile consumption was relatively lagging behind, affected by the switch in promotional policies and market price fluctuations,” he wrote.
XPeng — one of BYD’s top competitors in China — last week reported a net loss of 10.4 billion yuan ($1.4 billion) in 2023.
Further highlighting the challenges of the sector, Evergrande NEV — a subsidiary of the debt-ridden real estate group — on Wednesday said it had delivered only 1,389 vehicles since its launch.
When it started out in 2019, the firm gave itself “three to five years” to become the world’s “most powerful” EV manufacturer.
But it is now fighting for its survival, weakened by the setbacks of its parent company and dismal sales.
Source: