Xiaomi unveils its first electric car XIAOMI SU7

Xiaomi founder and CEO Lei Jun speaks at an event on the company's first electric vehicle (EV) SU7, in Beijing, China Dec 28, 2023

Xiaomi unveils its first electric car XIAOMI SU7

Xiaomi Reveals Debut Electric Car, Aiming to Propel into Top Automakers League

Xiaomi, the renowned Chinese smartphone producer, unveiled its inaugural electric vehicle, marking a significant leap into the automotive realm. The announcement, covered by Reuters, came with an ambitious proclamation: Xiaomi aspires to secure a spot among the world's leading five automakers.

The sedan, named SU7, stands as a highly anticipated model expected to capitalize on its integrated operating system, sharing synergy with the company's immensely popular phones.

However, this unveiling unfolds against the backdrop of the world's largest auto market grappling with an excess capacity issue and a slowdown in demand, igniting a competitive and intense price battle.

Yet, Xiaomi's CEO, Lei Jun, remains undeterred, outlining lofty goals that envision crafting "a dream car comparable to Porsche and Tesla." Lei conveyed these ambitions at the event, expressing a commitment to toil over the next 15 to 20 years to secure a coveted spot among the top global automakers, ultimately uplifting China's automobile industry.

Following a trajectory similar to numerous other tech giants, Xiaomi ventures beyond its core smartphone business into the EV domain, a strategy initially hinted at back in 2021. Pledging a substantial $10 billion investment over a decade, Xiaomi stands among the select few new entrants in China's EV market, navigating through authorities' cautiousness to avert exacerbating the supply surplus.

During the grand launch in Beijing, Lei emphasized the forefront positioning of Xiaomi cars in autonomous driving capabilities, signaling a pioneering stance in the industry.

The production of Xiaomi-branded vehicles will take place in a Beijing factory owned by a subsidiary of the state-run automaker BAIC Group (1958.HK), boasting an annual capacity of 200,000 vehicles.