Xiaomi, China’s digital behemoth, has announced that sales of its first electric vehicle (EV) model, the SU7, will begin this month, marking its entry into the competitive automotive market, according to Reuters.
Xiaomi announced the news on Weibo, a microblogging website, adding that orders can be placed at any of its 59 outlets in 29 locations nationwide. Furthermore, the widely awaited SU7 launch event is slated for March 28, when the price of the electric vehicle is expected to be revealed.
As a result of this substantial swing, Xiaomi’s shares increased by 7 percent during morning trading on March 12.
Xiaomi’s Chief Executive Lei Jun announced the company’s ambitious idea of becoming one of the world’s top five automakers during the SU7’s unveiling in December 2023. Lei emphasised the SU7’s “super electric motor” technology, pointing out that it can outperform Tesla and Porsche’s EV acceleration speeds.
Meanwhile, analysts predict that the shared operating system with Xiaomi’s popular phones and electrical products will entice the company’s existing customer base to support its new EV venture.
Xiaomi’s entry into the electric car sector comes amid a broader trend of EV sales development in China, where severe rivalry and price wars characterise the market. While EV sales rose 18 percent in January-February this year, competition has led to significant price drops, with market leader BYD Group leading the way.
Xiaomi’s decision is in line with its aspirations to diversify beyond its core smartphone business, which was first announced in 2021. The SU7 vehicles will be built by a unit of the state-owned manufacturer BAIC Group in a Beijing factory with an annual manufacturing capacity of 200,000 vehicles.
Xiaomi’s plan to invest $10 billion in the automobile sector over the next decade has been approved by Chinese authorities, which is a significant success given their reluctance to add to an already saturated market.
The company’s determination to drive innovation and technology integration is obvious in the same operating system with its popular smartphones, establishing Xiaomi as a prominent player in China’s EV market.
Xiaomi SU7: All You Need To Know
The Xiaomi SU7’s inside has a futuristic style. However, the dashboard does have multiple tactile buttons. There is a dual-tone interior motif, a minimalist central console with tactile buttons strategically placed for quick driver access, a big panoramic sunroof that appears fixed, and more. It is a four-door electric car measuring 4,997 mm long, 1,963 mm wide, and up to 1,455 mm tall.
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