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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Chinese tech giant Xiaomi has recently established a subsidiary in South Korea, listing the automotive sector as one of its business objectives, sparking speculation about its potential entry into the local electric vehicle (EV) market.
With Chinese EV company BYD entering the South Korean passenger car market earlier this year, Xiaomi's move is seen as an indication of its intention to explore opportunities in the EV space within Korea.
According to Xiaomi Technology Korea and the Seoul Central District Court on Tuesday, Xiaomi established its Korean subsidiary in September 2024 with a capital of KRW 480 million. Its stated business objectives include the import and wholesale of mobile phones, tablets, major home appliances, cleaning appliances, as well as automobiles and automotive parts.
Xiaomi launched its first electric vehicle, the SU7, in China in March 2024, selling 130,000 units within just nine months. The company also plans to introduce two new EV models this year. A Xiaomi Korea representative clarified, “The listed business objectives include all projects currently underway globally. Whether we will launch automotive operations in Korea has not yet been decided.”
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
