Xiaomi Expands EV Charging Options, Partners with NIO, XPeng, and Li Auto for Greater Network Access

Xiaomi Corp XIACF XIACF electric vehicle owners will soon gain access to the extensive electric vehicle charging networks of rivals NIO Inc NIO, XPeng Inc XPEV and Li Auto Inc LI.

Xiaomi’s cars can now avail over 14,000 charging stations developed by NIO, 9,000 by XPeng, and 6,000 by Li Auto, the Wall Street Journal cited Xiaomi from the Chinese microblogging platform Weibo.

In July, Xiaomi purchased a 53-hectare site in Beijing for 842 million yuan ($116 million) near its EV factory in the Yizhuang district after its debut sedan gained traction.

Also Read: Alibaba Teams Up With Nvidia to Supercharge EVs for Chinese Automakers: Report

Despite its relatively late entry into the EV market, Xiaomi noted compelling sales performance despite intense competition. Xiaomi reached its 2024 delivery goal of 100,000 units in November, prompting it to raise its annual target to 130,000.

Xiaomi reported third-quarter revenue growth of 30.5% to 92.5 billion Chinese yuan, with revenue from the smart EV reaching 9.7 billion Chinese yuan. The deliveries of the Xiaomi SU7 Series reached 39,790 in the quarter. As of September 30, 2024, Xiaomi delivered 67,157 Xiaomi SU7 Series.

Last week, reports indicated China’s plans to issue $411 billion treasury bonds to drive green tech and EV sectors amid looming threat from potential U.S. tariffs.

Experts forecast China to sell over 12 million EVs by 2025, beating traditional cars backed by domestic technology, the global supply chain for lithium and cobalt, and scaling the country’s manufacturing abilities.

Investors can gain exposure to Chinese stocks through iShares China Large-Cap ETF FXI and KraneShares Trust KraneShares CSI China Internet ETF KWEB.

Price Actions: At the last check on Monday premarket, XPEV stock was down 4.59% to $12.05, and LI was down 1.45%.

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