Xiaomi declares Europe foray in 2027

Chinese phone maker to take on Tesla and BYD

A Xiaomi Corp. YU7 electric SUV on display at one of the company's stores in Shanghai. Photographer: Qilai Shen/Bloomberg

Xiaomi intends to sell its first electric vehicle in Europe by 2027, declaring plans to take on Tesla and BYD globally after gaining traction with its year-old Chinese EV business.

President Lu Weibing shed more light on the company’s expansion plans after reporting a 31% rise in quarterly revenue, riding the successful launch of its second electric vehicle over the summer. That helped counter slowing demand for smartphones.