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Xiaomi has joined the EV charging networks of NIO, XPeng, and Li Auto, giving its customers access to over 29,000 stations across China. The move marks a strategic step in bolstering Xiaomi’s EV business amid growing competition in the world's largest electric vehicle market.
Xiaomi Joins Rivals in Expanding EV Charging Access Across China
Xiaomi, a Chinese electronics manufacturer, has declared its intention to join the EV charging networks of NIO, XPeng, and Li Auto, three of its main competitors, Investing.com reports. Customers of Xiaomi's automotive company will be able to use more than 29,000 charging stations in China as a result of the collaboration.
On Wednesday, Xiaomi said on Weibo that its cars are now compatible with over 14,000 charging stations built by NIO, 9,000 by XPeng, and 6,000 by Li Auto. Additional information regarding the agreements was withheld by the company.
Strategic Partnerships to Maximize EV Charging Resources
These relationships are seen by CCB International analyst Qu Ke as a strategic move by Xiaomi to maximize the use of available resources.
Known mostly for its smartphones and household appliances, Xiaomi is a newcomer to the biggest electric vehicle market in the world. The electric vehicle division of Xiaomi, which debuted its first vehicle in March, has seen robust sales despite stiff competition.
Xiaomi's EV Business Reports Strong Financial Growth
A rise from the second quarter brought the company's sales to 9.7 billion yuan ($1.33 billion) in the third quarter alone. Additionally, the company's gross profit margin increased from 15.4% to 17.1%.
After exceeding its original delivery target of 100,000 units in 2024, Xiaomi increased its yearly aim to 130,000 units in November.
Before the Christmas holiday break, Xiaomi's shares were trading at 32.75 Hong Kong dollars. They had more than doubled in value this year. Its EV business performed better than anticipated, which contributed to good earnings and the subsequent increase.
