Chinese consumer electronics giant Xiaomi unveiled its first electric car model on Thursday, with its boss declaring ambitions of becoming a global automotive powerhouse despite fierce competition at home.

Beijing-based Xiaomi, which is the world’s fourth-largest smartphone manufacturer, is also a leading provider of tablets, smart watches, headphones, and electric scooters.

The company announced in 2021 its intended foray into electric vehicles, joining a trend that has seen several major Chinese tech companies pivot towards the highly competitive sector.

Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025.

The model is integrated with Xiaomi software to enable functionality across the firm’s range of devices, and will be produced by local manufacturer BAIC.

“The goal is to become one of the world’s top five automotive manufacturers through 15 to 20 years of hard work,” Lei said.

The SU7’s batteries are to be supplied by China’s largest electric automaker BYD, as well as domestic battery giant CATL.

Many top tech firms in China — the world’s largest automotive market — have invested recently in the country’s EV sector, where foreign firms have struggled to take hold.

BYD was the undisputed leader of China’s EV market in November with more than 300,000 models sold, coming in far ahead of Tesla’s more than 80,000, according to figures from the China Association of Automobile Manufacturers.

Founded in 2010, Xiaomi has achieved rapid growth through its strategy of marketing high-end devices at affordable prices, which were initially sold directly through online channels.

The firm was placed on a blacklist by the United States in 2021 due to alleged links to the Chinese military.

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TECHDIGEST – Although Russia does not account for a significant revenue share for Apple products, the tech giant’s exit will likely leave a mark on its smartphone sales that have been growing in the country.

Data presented by Burga indicates that based on vendor, Apple accounts for 15% of the Russian smartphone sales to rank third overall. South Korea’s Samsung occupies the pole position with 34%, followed by Xiaomi in the third spot at 26%.

Realme has a share of 8%, followed by Poco at 3%, while other smaller brands account for 14%.

Elsewhere, as of 2021, Russia’s smartphone sales stood at ₽730 billion ($7.6 billion). Therefore, based on Burga’s calculation, Apple might lose an estimate of at least $3 million in iPhone sales revenue daily or $1.14 billion annually.

The amount is based on Apple’s latest recorded Russian market share and the company’s revenue from sales as of 2021.

The revenue lost might be higher considering that Russia’s general smartphone sales income has risen steadily in the last few years. As of 2020, the revenue stood at ₽570 billion ($5.93 billion), while in 2019, the figure was at ₽500 billion ($5.2 billion). Overall, between 2014 and 2021, the figure has spiked almost 200%.

An end to the rocky relationship between Russia and Apple

The report acknowledges the tough relationship between Russia and Apple in recent years. According to the research report:

“Apple’s exit in Russia puts a close to the rocky relationship between the two entities. Notably, Russia has in the past enacted questionable policies for companies like Apple to comply with. Apple had only recently adhered with a government mandate to open offices in Russia to offer online services there.”

After Apple’s decision on Russia, the move has placed pressure on other brands like Samsung that have also stopped shipping products to the country.

Consequently, the exit by the two manufacturers might be a window of expansion for Chinese operators that are likely to stay put. However, such firms might suffer the impact of any follow-up sanctions that can bar companies from operating in Russia using U.S. origin technology.

Read the full story with statistics here: https://www.burga.com/blogs/news/apple-to-lose-3-million-in-iphone-sales-daily-amid-russia-market-pull-out

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