Xiaomi vehicles to go global within two to three years: CEO

Xiaomi Automobile plans to expand into the global market within two to three years, the company's CEO said.

As a subsidiary of Chinese tech giant Xiaomi, the company has launched self-developed new energy vehicle models, attracting significant attention from consumers both domestically and internationally.

Regarding its international expansion plans, Lei Jun, chairman and CEO of Xiaomi, stated that while the company is working on entering global markets, its primary focus remains on scaling production to fulfill domestic orders.

"We are researching global markets and policies while considering the right time to expand internationally. However, our current priority is increasing production to ensure that domestic customers receive their vehicles as soon as possible, as some currently face a six- to seven-month waiting period. Therefore, it may take another two to three years to fully prepare for global expansion," said Lei.

Xiaomi launched its first self-developed new energy vehicle, the SU7, on March 28, 2024.

Three variants -- the SU7, SU7 Pro, and SU7 Max -- have entered the market, with prices ranging from 215,900 yuan (30,431 U.S. dollars) to 299,900 yuan.

At the SU7 launch event, Lei Jun stated that the tech firm had achieved technological breakthroughs in key areas such as design, battery technology, intelligent driving, and smart cockpits.

Meanwhile, Xiaomi's latest model, the SU7 Ultra, launched on February 27, has drawn even greater attention.

Boasting a top speed of 350 km/h and cutting-edge systems, it features a luxury design, peak performance, advanced technology, and enhanced safety features.

Priced at 529,900 yuan （about 73,000 in U.S. dollars）, the flagship model has entered the luxury vehicle market. At lightning speed, 10,000 units were sold within just three days.

Lei attributed this success to the growing popularity of domestic brands among consumers.

"In the ultra-luxury car market, Xiaomi captured a significant share in just three days, achieving our annual target ahead of schedule. What does this indicate? It shows that consumer acceptance of domestic brands is increasing. Especially in the ultra-luxury segment, domestic products are beginning to rise," the CEO emphasized.

Xiaomi vehicles to go global within two to three years: CEO

Xiaomi vehicles to go global within two to three years: CEO

As China's elderly population grows, shopping malls in Shanghai have actively adapted part of their services to cater to the needs and preferences of elderly consumers, tapping into silver-haired consumer market.

This trend reflects the city's efforts to enhance elderly care services amid the population aging. By the end of 2023, people aged 60 and older reached 5.68 million in Shanghai, representing a whopping 37.4 percent of the city's total population.

A shopping mall on the downtown Nanjing East Road pedestrian street has opened a dedicated club for senior citizens, offering a diverse range of activities from the operation of health workshops to traditional handicraft classes.

"I gain a lot every time I come here. I can participate in various club activities and also exchange knowledge and everyday life hacks with others," said Fu Meilin, an elderly resident.

The mall houses nearly 60 time-honored brands, along with dining and entertainment options suited to senior citizens.

Another business district in Shanghai's Putuo District has adopted a different approach, focusing on attracting retirees during weekdays while catering to younger shoppers on weekends.

Restaurants offer affordable off-peak meal deals priced under 100 yuan (about 13.88 U.S. dollars), attracting a large number of senior customers.

To ensure a convenient and enjoyable shopping experience for the elderly, many shopping malls have conducted age-friendly renovations, including providing comfortable seating areas, accessible restrooms, and consumer guidance services for the elderly shoppers.

Driven by the population aging, China's "silver economy" has shown vast growth potential, with the market currently estimated at around seven trillion yuan and projected to reach a 30 trillion yuan by 2035.

Shopping malls in Shanghai adapt to cater to growing 'silver economy'