Xiaomi to start sales of its first cars from March 28

Credit: SHINE

Caption: A new Xiaomi car on display in Beijing on Tuesday.

Xiaomi Corp says it will be selling its first cars from March 28, a month after Apple's decision to quit the car-making business.

Chinese tech firms are rapidly expanding into the booming electric car market, with increased sales globally and more innovation with invention patents, according to industry officials.

Xiaomi's SU7, announced in 2021, will be sold in 59 stores in 20 cities nationwide, including Shanghai and Beijing. People can register and pre-order through Xiaomi's mini-program from today.

HK-listed Xiaomi shares jumped 11.34 percent to close at HK$14.92 (US$1.91), compared with a 3.05 percent gain in the Hang Seng Index on Tuesday.

Chinese tech giants such as Xiaomi and Huawei are accelerating steps to expand into the car segment, at a time when Apple abandoned electric car manufacturing.

Apple "Project Titan," from around 2014, was to develop a fully autonomous car. The company reportedly invested billions of dollars in the project.

China's tech research index continued growing in 2023, mainly fueled by new-energy vehicle and NEV innovation.

The China Index of Research and Development, or CIRD, an index measuring research activity and innovation development, grew to 109.9 in 2023, fueled by electric car innovation as top spot light. In 2023, China's eclectic car invention patent application volume jumped 21.9 percent, leading all the sectors, said PatSnap, a patent and research analysis firm.