Chinese tech giant, Xiaomi, has officially entered the electric car market with the introduction of its first electric vehicle (EV), the SU7, a high-performance sedan featuring “super electric motor” technology capable of accelerating faster than Tesla and Porsche electric vehicles.
Speaking at the unveiling, Xiaomi CEO, Lei Jun, also spoke on the company’s ambitions, noting that “by working hard over the next 15 to 20 years, we will become one of the world’s top 5 automakers, striving to lift China’s overall automobile industry.”
Despite the challenging backdrop of a saturated Chinese automobile market with slowing demand, Xiaomi aims to leverage its well-established brand in consumer electronics to make an impact in the automotive sector. The SU7, named for “Speed Ultra,” is expected to integrate seamlessly with Xiaomi’s existing portfolio of mobile apps and electronic devices, offering a shared operating system with the company’s popular smartphones.
According to Reuters, the electric sedan will be available in two versions, offering driving ranges of up to 668 km and 800 km on a single charge. Jun highlighted the SU7’s fast-charging capabilities in low temperatures, catering to consumers concerned about winter conditions. Pricing details are yet to be revealed, but Jun assured interested parties that the cost would be justified.
Xiaomi, known as China’s fifth-largest smartphone maker, has been expanding its business to include EVs in a bid to counter stagnating smartphone demand. The company has committed to investing $10 billion in the auto sector over the next decade. Xiaomi’s EVs will be manufactured in collaboration with a unit of state-owned automaker BAIC Group, with production taking place in Beijing.
While Xiaomi faces stiff competition in China’s crowded EV market, with players like BYD and Tesla holding significant market shares, the company has secured approval from authorities to enter the electric vehicle space.
The SU7 is expected to hit the market in 2024.
