Chinese Tech Giant Xiaomi Enters Electric Vehicle Market
In a bold move, Chinese technology giant Xiaomi is set to revolutionize the automotive industry with the launch of its first electric vehicle (EV) this month.
The highly anticipated price announcement is scheduled for 28 March, as Xiaomi aims to disrupt the competitive market.
With 59 stores spread across 29 cities in China, the fifth-largest smartphone maker is gearing up to start taking orders for its cutting-edge EV.
As the battle for market dominance intensifies in China, Xiaomi joins the likes of BYD and Tesla in a fierce price war in the world’s largest car market.
During the unveiling of the Speed Ultra 7 (SU7) last year, Xiaomi’s CEO Lei Jun expressed aspirations for the company to rank among the top five car manufacturers globally.
With a commitment to invest $10bn over the next decade in its vehicles business, Xiaomi is betting big on the success of the SU7.
Highlighted as “super electric motor” technology, the SU7 boasts impressive acceleration capabilities, rivalling some of Tesla and Porsche’s EV models.
By integrating the car’s operating system with its existing phones and devices, Xiaomi aims to attract its loyal customer base to its new venture in the automotive sector.
Amid efforts to regulate the influx of new players, Xiaomi’s approval to enter China’s electric car market sets it apart as a promising contender.
Manufactured by a unit of state-owned BAIC Group in Beijing, the SU7 production plant has the capacity to roll out up to 200,000 vehicles annually.
With the launch of Xiaomi Automobile coinciding with an escalating price war in China’s EV market, industry giant Tesla has recently slashed prices to compete with local rivals like BYD.
Following the groundbreaking announcement, Xiaomi shares surged more than 10% in Hong Kong, signaling investor confidence in the company’s latest endeavor. — BBC
