Xiaomi Corp (OTC: XIACF) (OTC: XIACY) set up a new electric vehicle R&D and Design center in Germany.
Xiaomi's New Stronghold In Munich
Xiaomi EV's Europe Research and Development (R&D) and Design Center in Munich, Germany, is the company's "first such facility beyond its domestic market," the Chinese tech giant said in a press release published on Thursday.
The center is the company's foray into the global automotive scene as Xiaomi prepares for "its entry to the European Market in 2027," Xiaomi said in the statement.
Xiaomi's Growing Popularity, Europe Plans
The news comes as Xiaomi's SU7 and YU7 vehicles are proving to be popular in the Chinese market, with the YU7 SUV already receiving over 289,000 orders in China within an hour of its launch.
Xiaomi CEO Lei Jun had also shared during a livestream in July that the company wanted to sell cars in overseas markets in 2027. Setting up a center in Munich confirms that the European market was its target all along.
Xpeng's European Debut, BYD Surges
Meanwhile, Xpeng Inc. (NYSE: XPEV) also announced that the automaker will officially enter the European market with a planned expansion in 5 countries: Switzerland, Austria, Hungary, Slovenia and Croatia.
Chinese EV giant BYD Co. Ltd. (OTC: BYDDY) (OTC: BYDDF) has also been rapidly expanding its presence in Europe as the company's sales surged 225% in the region ahead of next year's debut of BYD's luxury-focused YangWang and Denza brands.
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