Xiaomi is set to launch its second electric vehicle model, the MX11, by Q1 2025, aiming to compete directly with the Tesla Model Y.
Xiaomi's success with the SU7 has prompted the decision to introduce a second EV model, with a forecast to deliver 130,000 vehicles in 2024.
After surpassing Q3 estimates largely due to the demand for the SU7, Xiaomi has ramped up production to accommodate increasing preorder levels.
Insider reports indicate the Xiaomi MX11 will be an all-electric SUV positioned to challenge Tesla's market share in the competitive EV segment.
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