Xiaomi Launches First Electric Vehicle, Enters Competitive Market
BEIJING — Breaking into the electric vehicle (EV) market, Chinese smartphone giant Xiaomi is set to unveil its first EV, the Speed Ultra 7 (SU7), with orders opening on Thursday.
Xiaomi’s CEO Lei Jun announced that the SU7 would be priced below 500,000 yuan ($69,186; £54,836), putting the company in direct competition with industry leaders like Tesla and BYD.
With global EV sales growth slowing down, Xiaomi is banking on the SU7’s integration with its existing technology ecosystem to attract its loyal customer base.
The SU7, which has drawn comparisons to luxury sports car models like Porsche’s Taycan and Panamera, will be manufactured by a unit of state-owned BAIC Group in Beijing.
Xiaomi’s bold move into the EV market signals the company’s confidence in its brand’s relevance, contrasting Apple’s recent decision to cancel its EV plans due to market uncertainties.
Investing $10bn (£7.9bn) in its vehicle business over the next decade, Xiaomi aims to establish itself as a key player in China’s mature EV market ecosystem.
As the price war in China’s EV market escalates, Xiaomi joins the fray alongside established players like Tesla and BYD, navigating challenges and opportunities in the competitive landscape.
With governments worldwide implementing policies to support local EV manufacturers, Xiaomi’s entry into the market marks a significant milestone in the company’s evolution.
