The Chinese smartphone maker already sells electric two wheelers in China
Xiaomi has revealed its plans to expand its product portfolio in India. The company plans to enter the electric vehicle and payment bank business in the country after entering India as a smartphone manufacturer back in 2014. In a regulatory filing by Xiaomi with the RoC (Registrar of Companies), the company has said that it is willing to “sell all types of vehicles for transport, conveyance and other transport equipment, whether based on electricity or any other motive or mechanical power, including the components, spare parts.”
Xiaomi already sells electric bikes in China with models ranging from foldable bicycles to electric scooters. Other than these, Xiaomi also sells various other products like consumer electronics, healthcare products, gaming consoles, computer accessories, clothes, toys etc. in China. The Chinese smartphone maker wants to sell some of these products in India as well. And for this, the company has already made changes to its memorandum of association. In the filing made, the company has also mentioned that it may sell these items from both offline and online portals.
Confirming this, a spokesperson from Xiaomi reportedly said, “We have expressed our interest to bring several of our non-smartphone products to India multiple times, but only after ensuring that we have picked the right product and customised it to India’s needs.”
Currently, the manufacturer sells mobile phones and audio devices in India. It also retails smart electronics like the air purifier, wifi router, VR box and power banks in the country. With this announcement, Xiaomi has placed itself as another competitor in the growing EV market. Initially, the Chinese manufacturer will come with electric two-wheelers in India and may venture in four-wheeled EVs at later stages. Although, Xiaomi has said nothing about the later.
At present, about 25,000 EVs (two and four wheelers) are sold in India annually. And with the Government’s push towards 100 per cent electric mobility, various automakers such as Tata, Suzuki, Toyota, and Mahindra have already started focusing on EV development in India. Mahindra is the only car maker here to offer EVs in its current product portfolio, while Tata is also planning to launch the Tigor EV in India by next year. Japanese giants Suzuki and Toyota have also confirmed that they will be launching their first EV by 2020. The French manufacturer, Renault, is also contemplating the launch of the Kwid EV in India by 2022, which is currently being developed for the Chinese market.
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