After unveiling its first electric car on Thursday, Chinese smartphone manufacturer Xiaomi declared that it wanted to rank among the top five automakers in the world.
Xiaomi Launched Its 1st Electric Vehicle Named SU7
Chief Executive Lei Jun hailed the sedan, which goes by the name SU7 (short for Speed Ultra) as a highly anticipated model with “super electric motor” technology that can accelerate vehicles faster than Tesla and Porsche models.
The automobile expected to start sale in a few months, making its debut at a time when the world’s largest auto market, China’s, struggling with a supply glut and sluggish demand, which has fueled a brutal price war.
Lei Jun, the CEO of Xiaomi, continued to outline ambitious goals in spite of this.
“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,” he said at the launch.
One of those goals is to create “a dream car comparable to Porsche and Tesla,” he continued.
Features and Specifications
Because the SU7 runs the same operating system as Xiaomi’s well-known phones and other electronics, it should also be appealing to consumers.
Its drivers will be able to easily access the company’s current mobile app library.
“Xiaomi is a well-established consumer electronics brand with hundreds of millions of ‘Mi Fans’, or members of its smart device ecosystem,” said Bill Russo, CEO of Shanghai-based advisory firm Automobility.
“As such, they have a significant opportunity to break through as the automobile becomes a smart device.”
Variants of SU7
There will be two variants of the SU7: one with a driving range of up to 800 km and another with a range of up to 668 km (415 miles) on a single charge. In contrast, the maximum range of Tesla’s Model S is 650 kilometers.
The cost has not yet disclosed. The price would “in fact be a bit high, but one that will have everyone thinking is justified,” according to Lei.
Amid one of China’s coldest Decembers ever, the SU7 was also positioned to appeal to winter-weary buyers.
Lei claimed that it could quickly charge in cold weather and that its cutting-edge technology enabled it to identify barriers in difficult situations like snowfall.
He added that Xiaomi vehicles would lead the industry in autonomous driving skills.
However, Lei’s aspirations were unsuccessful in raising Xiaomi’s share price, as the company’s Hong Kong-listed stock gave up previous gains to close 0.3% down.
To Become An Automaker
In response to the slowing smartphone market, China’s fifth-largest smartphone manufacturer attempting to expand into the EV market. The company initially announced this strategy in 2021.
Other Chinese IT firms, such as search engine Baidu and telecom behemoth Huawei, have collaborated with manufacturers to create EVs.
One of the few new companies in China’s EV sector to receive approval from regulators who have hesitant to contribute to the glut of supply is Xiaomi, which has promised to invest $10 billion in cars over the course of ten years.
A division of the state-owned carmaker BAIC Group will make its automobiles in a Beijing plant with a 200,000 vehicle capacity annually.
According to third-quarter data from Zheshang Securities, BYD, which holds a one-third stake in the fiercely competitive Chinese EV industry, will probably pose the biggest threat to Tesla.
To read our blog on “Xiaomi’s MIUI could be renamed to MIOS soon,” click here.
