Xiaomi, the Chinese tech giant, has announced that it will begin delivery of its first electric vehicle (EV) in China this month.
The electronics giant said on Weibo that 59 of its outlets in 29 cities around the country will accept orders for its new Speed Ultra 7 (SU7) vehicle. A debut event is planned for March 28, when the new EV’s price is expected to be revealed.
China’s EV sales increased by 18% in January-February, which is comparable to the 21% growth rate seen during 2023.
During the current year, industry leader BYD began a cycle of large price cuts in an effort to entice customers amid decreasing domestic demand.
During the unveiling of the SU7 in December, Chief Executive Lei Jun announced Xiaomi’s ambition to become one of the world’s top five automakers.
He stated that the SUV uses “super electric motor” technology, which provides better acceleration than Tesla and Porsche EVs.
Analysts believe that the car’s operating system, which is shared with Xiaomi’s popular phones and other electronic gadgets, will appeal to the company’s current customers.
“Xiaomi’s cars are going from zero to one in a very different growth stage and facing very different user expectations compared to when Xiaomi’s smartphones went from zero to one 14 years ago,” Lei said in a Weibo post on Tuesday. “Xiaomi’s cars need to be different, and the most important aspect is smart technology.”
The vehicles will be manufactured by a subsidiary of the state-owned manufacturer BAIC Group in a Beijing factory with an annual capacity of 200,000 units.
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