Xiaomi is planning to enlarge its product portfolio by selling electric vehicles in India. The company entered in the Indian market earlier in 2014 with the smartphones. Recently, the company has announced that it will sell electric vehicles and payments business throughout the country. In a regulatory filing by Xiaomi with the RoC (Registrar of Companies), Xiaomi Stated that it wants 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.”
In China, the company is already selling electric bikes which include foldable bicycles and electric scooters. Apart from these, the company is also selling various categories of products such as healthcare products, consumer electronics, computer accessories, clothes, gaming consoles, toys and many more. Xiaomi, the renowned Chinese manufacturer, wants to sell these products in Indian market also. Some of the changes have been modified by the company in the Memorandum of Association (MOA). In a regulatory filing, the company has disclosed that it can sell these products or items via offline and online mode.
One of the spokespersons of Xiaomi, 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 Chinese manufacturer is selling mobile phones and audio devices in the Indian market. The company is also retailing smart electronics appliances such as the air purifier, wifi router, VR box and power banks throughout the country. After the announcement of entry into electric vehicles in India, the company will have to face stiff competition in the growing EV market.It is anticipated that the Chinese manufacturer initially comes with electric two-wheelers in the Indian market and later it may focus on four- wheeler electric vehicles.
Currently, around 25,000 Electric Vehicles including two and four wheelers have been sold in India per annum. Government is focusing on 100 percent electric mobility in India, various automobile manufacturers such as Tata, Suzuki, Toyota, and Mahindra are focusing on developments of Electric Vehicles in India. At the moment, Mahindra is one of the car manufactures which is offering Electric Vehicles (EVs) in India. It is anticipated that the Tata will launch its Tigor EV in India in the coming year. It is confirmed that both Japanese automobile manufacturer Suzuki and Toyota will reveal their first EVs by 2020. The French automobile maker Renault will launch its first Kwid EV in India by 2022 whereas it is already launched in the Chinese market.