China’s Xiaomi unveiled its first electric vehicle and intends to overtake all other automakers

After unveiling the first electric vehicle on Thursday, Chinese smartphone manufacturer Xiaomi (1810.HK) declared its goal to rank among the top five automakers globally.

xiaomi electric car

Chief Executive Lei Jun said that the highly awaited sedan, dubbed the SU7 (SU short for Speed Ultra), will have “super electric motor” technology, which could accelerate cars faster than
Chief Executive Lei Jun boasted that the much anticipated sedan, dubbed the SU7 (SU short for Speed Ultra), will be equipped with “super electric motor” technology, which may propel cars quicker than Tesla (TSLA.O) and Porsche EVs.

The car, which should be on sale in a few months, is making its debut at a time when China’s auto market, the biggest in the world, is experiencing a glut of supply and slow demand, which has led to a fierce price war.

Despite this, Xiaomi’s CEO, Lei Jun, kept outlining lofty objectives.


Bill Russo, CEO of Shanghai

Making “a dream car comparable to Porsche and Tesla” is one of those objectives, he went on.The SU7 should also appeal to customers because it uses the same operating system as Xiaomi’s well-known phones and other devices. Its drivers will have easy access to the company’s existing collection of mobile applications.

“Xiaomi is a well-established consumer electronics brand with hundreds of millions of ‘Mi Fans,’ or members of its smart device ecosystem,” says Bill Russo, CEO of Shanghai-based advisory firm Automobility.

The SU7 will be available in two different ranges: 800 km for the base model and 668 km (415 miles) for the upgraded version.on a single charge. In contrast, the maximum range of Tesla’s Model S is 650 kilometers.The cost has not yet been disclosed. The price would “in fact be a bit high, but one that will have everyone thinking is justified,

” according to Lei.
The SU7 was positioned to appeal to shoppers weary of winter, even in the midst of one of China’s coldest Decembers ever. Lei said that it could charge quickly in cold climates and that its advanced technology allowed it to recognize obstacles in challenging circumstances like snowfall.The driverless He added that Xiaomi vehicles would have industry-leading capabilities

raising Xiaomi’s stock price

However, Lei’s aspirations were unsuccessful in raising Xiaomi’s stock price, as the Hong Kong-listed company’s shares gave up previous gains to close 0.3% down.
China’s fifth-largest smartphone producer has been trying to get into the EV business in reaction to the stagnant smartphone market.

This strategy was first disclosed by the corporation in 2021. Other massive Chinese tech companies, such as Huawei (HWT.UL), a telecom giant, and search engine Baidu (9888.HK), have collaborated with manufacturers to produce electric vehicles.

One of the few new entrants into China’s EV sector, Xiaomi has promised to invest $10 billion in cars over the next ten years. Authorities have been hesitant to contribute to the glut in supplies.
A branch of the state-owned automaker BAIC Group (1958.HK) will produce its cars at a Beijing plant with the capacity to produce 200,000 units a year.

According to third-quarter data from, BYD (002594.SZ), which has a one-third share while Tesla has 9%, is anticipated to be Tesla’s biggest challenger in the very competitive Chinese EV market. Zheshang Securities.
Editing by Edwina Gibbs; additional reporting by Zhang Yan; reporting by Casey Hall and Yelin Mo

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