Xiaomi Ventures into Electric Cars: Unveiling First EV's Price on March 28th

Xiaomi Ventures into Electric Cars: Unveiling First EV's Price on March 28th

By Staff Writer, 13 March 2024

Xiaomi, the renowned Chinese technology giant, is set to make its mark in the competitive automotive industry with the imminent release of its first electric vehicle (EV) later this month.

This pioneering move marks Xiaomi's inaugural venture into the automotive domain.

Anticipation builds as the company plans to unveil the price of its debut EV on March 28th.

With 59 stores spanning across 29 cities in China, Xiaomi aims to facilitate orders from various corners of the nation.

This strategic move by Xiaomi unfolds amidst a fierce price competition prevailing in China's automotive sector, particularly between established players like BYD and Tesla, within the world's largest car market.

Last year, at the grand introduction of the Speed Ultra 7 (SU7), Xiaomi's CEO, Lei Jun, articulated the company's ambitious vision of ascending among the top five automakers globally.

Bolstering this aspiration, Xiaomi has pledged a substantial investment of $10 billion over the next decade into its burgeoning vehicle business.

The SU7, touted as a pinnacle of "super electric motor" technology, boasts acceleration capabilities rivaling some of the esteemed models from Tesla and Porsche EVs, Lei Jun emphasized.

Moreover, Xiaomi envisages integrating the car's operating system seamlessly with its existing array of devices, fostering an ecosystem that appeals to its loyal customer base.

Approval from regulatory authorities places Xiaomi among the select few new contenders in China's burgeoning electric car market.

The SU7 will roll off the assembly lines at a Beijing-based plant operated by a subsidiary of the state-owned BAIC Group, with a production capacity scaling up to 200,000 vehicles annually.

Xiaomi's foray into the automotive arena coincides with an escalating price war within China's EV market, underlining the company's strategic timing and commitment to carve a significant niche in this burgeoning sector.

Source: Peter Hoskins / BBC

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