Tesla Inc. (NASDAQ:TSLA) rival Xiaomi Corp. (OTC:XIACY) (OTC:XIACF) is exploring options to sell its vehicles overseas.
What Happened: Xiaomi CEO Lei Jun shared the company's plans during a livestream, Reuters reported on Thursday.
Xiaomi is currently focused on domestic deliveries of the SU7 sedan and the YU7 SUV, both of which are all-electric models, according to the CEO.
The report suggests that the Chinese tech giant had earlier shared plans for delivering the first shipments of its vehicles in 2027.
It's unclear whether the company plans to expand into markets within Asia or follow the footsteps of other Chinese companies like BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) and Nio Inc. (NYSE:NIO) to expand into Europe.
Why It Matters: Xiaomi's YU7 SUV exceeded expectations as the EV received almost 300k orders in under an hour. The SUV is pitted against the Tesla Model Y in the Chinese domestic market.
Xiaomi is another automaker currently battling in the fiercely competitive Chinese market, currently embroiled in an EV price war, which has raised concerns among authorities within the CCP.
On the other hand, Tesla has experienced a rebound in sales in the Chinese market as the company delivered over 61,000 vehicles during the month of June, sales data suggests.
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