CHINESE technology giant Xiaomi is considering introducing its recently launched electric vehicle (EV) into the Philippines, pending a market feasibility study.
“We have to study a lot of market trends and data if EVs will be a hit in the Philippines before we actually sell it,” Xiaomi Philippines Head of Marketing Tomi Adrias told reporters last week.
“We have to make sure our processes are basically cleared before we launch in the Philippines,” he added.
Xiaomi unveiled its EV, the Speed Ultra (SU) 7 sedan, in China in late December, with Chief Executive Officer Lei Jun expressing aspirations for Xiaomi to be among the world’s top five automakers in the next 15-20 years.
While Xiaomi has not specified the exact timeline for introducing the SU7 in the Philippine EV market, Mr. Adrias indicated that the launch would likely coincide with other global markets.
Highlighting Xiaomi’s diversified business portfolio beyond smartphones, Mr. Adrias underscored the company’s commitment to various sectors, including smart home appliances, smart manufacturing, EVs, and robotics.
“We always say Xiaomi is more than just a smartphone company, we have other devices such as smart home appliances, smart manufacturing, EVs, even robotics…but no exact timeline when that will be available globally, outside China, and more so for the Philippines,” he said.
“But if that’s the direction of the global team, to sell the product in the Philippines or in other markets, then definitely we’ll launch Xiaomi EVs in the Philippines.”
Xiaomi International Southeast Asia General Manager Alex Tang expressed optimism about Xiaomi becoming a global player in the EV market.
“As we look at the whole business, we are very optimistic that one day we may enter into the international market because we want to be a global player for EVs. But in terms of the timeline, whether it be in Southeast Asia or the Philippines, it has not been determined yet.”
In response to evolving EV trends, the Philippine government implemented the Electric Vehicle Incentives Scheme in October, aiming to foster local EV development with a target of four million locally manufactured EVs in the next decade.
Additionally, Executive Order 12, issued in January, temporarily removed tariffs on imported EVs and reduced import duty rates for parts and components, creating a favorable environment for the EV market. — Aaron Michael C. Sy