According to CarNewsChina, the above information is surprising because in mid-2024, Xiaomi announced that it would not export cars for the next few years, but focused on the domestic market. It seems that the company's plan has changed.
Hyperion Leasing is a subsidiary of Sinomach Industrial Machinery Group. The group was established in 1997, a company directly managed by the Chinese government, with 160,000 employees, 40 subsidiaries and more than 200 overseas service representatives. This group is present in more than 170 countries and territories around the world.
Sinomach reported that its subsidiary Hyperion Leasing has reached an agreement with Xiaomi Auto - Xiaomi's electric vehicle manufacturing company, on promoting joint international cooperation in key global markets.
Xiaomi Auto is currently selling the only model in China - SU7 sedan, launched on March 28, 2024. According to information from China EV DataTracker, the cumulative sales of the SU7 model will reach 139,487 units in 2024. Currently, the waiting time to receive a Xiaomi SU7 in China is about 22-31 weeks (5-8 months) after placement.
The demand for this model is beyond current production capacity. However, when the F2 factory is completed, this company will reduce pressure on delivery time. The factory will also assemble Xiaomi's second model, the YU7 crossover.
Xiaomi has previously set a goal of selling the vehicle in foreign markets before 2030. Therefore, this automaker has no official plans to export cars in at least the next few years.
According to CarNewsChina, Xiaomi's loss per car was below 38,000 yuan (about 133 million VND) in the third quarter of 2024, which is down from a loss of more than 9,000 USD (about 228 million VND) per car in the second quarter of 2024. However, Xiaomi can make a profit from each car sold abroad. For example, BYD earns four times more from selling a car in Europe than in China.
However, the cooperation model between Xiaomi and Hyperion Leasing has not been clearly defined. It is possible that Sinomach's subsidiary will act as a Xiaomi car export unit, buying cars from factories and selling them through foreign channels. In addition, Hyperion Leasing can also undertake maintenance and technical support for Xiaomi cars sold abroad.
