Xiaomi Group (stock code: 1810.HK) believes that it has identified consumer groups willing to pay high prices for its upcoming electric vehicles, and has found its own position in the highly competitive market。

Lu Weiping, president of the Xiaomi Group, said before the Mobile World Congress that they will present the car at an international conference: "This is a good starting point for us as we already have 200 million high-end smartphone users in China.。"

He said the company considered a variety of price points, from entry level to luxury level, for developing a $10 billion car。

Xiaomi released the SU7 electric car in China at the end of December last year, but has not yet announced a specific price。Lu Weiping said the official launch would take place "soon" and domestic deliveries would begin in the second quarter.。

Beijing-based Xiaomi is the market leader in the smartphone industry, ranking third in global shipments, behind Apple and Samsung.。According to Canalys data, Xiaomi will account for about 13% of the global market share in 2023, with shipments reaching 1.46.4 billion units。

The company has also ventured into televisions and appliances in recent years, which can be controlled via smartphones, often in minimalist white designs.。Most of Xiaomi's revenue comes from smartphones, and home appliances and other consumer goods account for slightly less than 30%。

Xiaomi has long been known for price-friendly products, raising questions about whether the company can sell successfully in a market where even established electric car giant BYD is cutting prices and electric cars that compete with Porsche.。