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News: Xiaomi’s new car SU7 will be launched at the end of July. Will there be a market in Cambodia?

MAR 28, 2024

With the rapid development of the global automotive industry, especially the fierce competition in the field of new energy vehicles, Xiaomi Group is about to unveil its first electric vehicle, Xiaomi SU7, on March 28 to further expand its business territory. As one of Xiaomi's major innovation projects, the release of Xiaomi SU7 has attracted widespread attention in the industry.

 

But in the face of a highly competitive global market, can Xiaomi SU7 take its place in the emerging market of Cambodia?

Overview of Xiaomi SU7

Xiaomi SU7, the first electric car of Xiaomi Group, has attracted much attention for its high-end technical configuration and intelligent features. With its C-class size, low wind resistance coefficient of 0.195Cd, zero-to-hundred acceleration of 2.78 seconds, and long range of 800 kilometers, Xiaomi SU7 demonstrates Xiaomi's strong strength in the field of new energy vehicles. Relying on the intelligent cockpit of HyperOS and full-stack self-developed intelligent driving technology, Xiaomi SU7 provides users with an excellent driving experience.

Xiaomi SU7

Cambodia Market Analysis

Cambodia, as an emerging market in Southeast Asia, is gradually changing its attitude towards new energy vehicles, and the Cambodian market is gradually increasing its acceptance of new energy vehicles.

On March 14, INNEWS reporters interviewed Mr. Li Tao, chief operating officer of Liberty Carz, Cambodian car sales platform, and Mr. Jacky, sales manager of a Cambodian automobile company respective, who provided different perspectives on the prospects of Xiaomi SU7's entry into the Cambodian market.

01 "Prospects for Xiaomi's car entry into the Cambodian market are unclear"

Mr. Li Tao said he was not optimistic about the prospects of Xiaomi cars in the Cambodian market, despite the importance of new energy vehicles globally.

Mr. Li Tao believes that Xiaomi Motors faces major challenges in the Cambodian market. The main problem is brand perception and price positioning. He pointed out that Xiaomi's visibility in Cambodia is mainly limited to the middle and low-end market, and the high-end positioning of the Xiaomi SU7 may struggle to attract enough buyers.

Especially in the Cambodian automobile market, new energy vehicles are still in their infancy. The reason why Cambodia's new energy vehicles have taken off is largely due to the price advantage. According to the current market situation, new energy vehicles are sold at a lower price than fuel vehicles, which is an important factor for them to enter the consumer's field of vision.

"According to Lei Jun's previous statement, the cost of millet SU7 is very high, the price will not be particularly cheap, the network predicts that the high version may be about 350,000 yuan, and the low version is about 250,000 yuan." According to the latest report of Caixin News, it has exclusively learned that Xiaomi Auto SU7 can currently provide two versions, including the standard version and the high version, and the SU7 Max version will exceed the M5 top version (309,800)."

"If the price of Xiaomi's car is higher than $60,000, it will be difficult to impress the Cambodian market with such a price for a new energy vehicle." Mr. Li Tao pointed out.

On February 22, Liberty Carz, a Cambodian automotive platform, and AIQAR (ICAR) Cambodia, a subsidiary of Chery International Group, officially signed a memorandum of understanding on strategic cooperation. (Left 2: Mr. Li Tao)

In addition, he also has a conservative view of Xiaomi's experience in the automobile manufacturing field as a new entrant. Li Tao believes that high-end customers have more mature car brands to choose from, and they may not prefer to choose a brand that is mainly known for the production of electronic products.

"Although the Xiaomi brand has a high visibility in areas such as smartphones and home appliances, it lacks the corresponding experience and consumer trust in the automotive industry. "The biggest problem Xiaomi Auto faces in Cambodia is low market awareness, and consumers may have reservations about a brand known mainly for electronics getting involved in the automotive industry," he said.

He also mentioned that Cambodia's charging infrastructure is not enough to support the popularity of new energy vehicles, which may also be a key factor limiting the performance of the Xiaomi SU7 market.

02 "Xiaomi's car may become the new market "

In sharp contrast to Mr. Li Tao's view, Jacky is optimistic about the performance of the Mi SU7 in the Cambodian market. He believes that as young Cambodian consumers become more receptive to new technologies and new energy vehicles, Xiaomi SU7 is expected to find its niche in the Cambodian market with its advanced technology and intelligent features. Young Cambodian consumers in particular are open to new technologies and brands, and Xiaomi's entry into the automotive sector, as a well-known tech company, may attract the interest of this demographic.

 

"Currently, the new energy vehicle brands with high recognition in the Cambodian market include Eon, Hongqi, Denza, BYD, Dongfeng, etc. According to market research, new energy vehicles are highly favored by Cambodian consumer groups aged 25 to 45."

Eon Cambodia Company launched the new Chinese quality electric car Y Plus 2023 at AEON 3 Mall in Phnom Penh

Jacky emphasized that the design sense, environmental characteristics and intelligent driving experience of new energy vehicles are important factors to attract young consumers. He also pointed out that with the government's support for new energy vehicle policies and the gradual construction of charging infrastructure, the popularity of EVs in Cambodia will gradually increase.

Jacky believes that with the increased awareness of new energy vehicles and the improvement of charging infrastructure, the Mi SU7 has the potential to gain a foothold in the Cambodian market.

However, the success of the Mi SU7 in the Cambodian market is an unknown, in the face of views from different fields, the market performance of the Mi SU7 will depend on a variety of factors, including the acceptance of the brand transformation, the improvement of the new energy vehicle infrastructure, and the market education of the target consumer groups. Regardless of the outcome, the launch of the Mi SU7 will undoubtedly add new vitality to the new energy vehicle market in Cambodia and globally. With the further development of the market and the improvement of consumer awareness, the future of Mi SU7 in Cambodia is full of possibilities.

Over time, the market will give the final answer.

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