Mar 25, 2024
Xiaomi's CEO expressed his aspiration for the company's inaugural electric vehicle On Monday, emphasising his vision for it to be the most attractive, user-friendly, and intelligent car available for less than 500,000 yuan ($69,424). This statement comes as the tech giant prepares to open orders for the vehicle this week.
This Thursday evening, Xiaomi plans to reveal the official pricing and begin accepting orders for their electric car, named the SU7, with "SU" denoting Speed Ultra. These remarks by CEO Lei Jun, shared on his Weibo account, are the company's first confirmation of the vehicle's maximum price.
Since the unveiling of the vehicle in December, there has been growing excitement about the SU7. Xiaomi aspires to rank among the top five global automakers, with Lei boasting that the car's technology surpasses that of Tesla and Porsche's electric vehicles in terms of acceleration.
Xiaomi has also started showcasing the "ocean blue" model of the SU7 in its Chinese stores from Monday, attracting potential buyers and automotive bloggers. Additionally, the company has launched its "Xiaomi Car" app in Chinese app stores.
The SU7 is available in two variants, one with a 668km range and another with an 800km range on a single charge. For context, Tesla's Model S offers a range of up to 650km.
As China's fifth-largest smartphone manufacturer, Xiaomi is diversifying into electric vehicles amid a stagnant smartphone market, a strategy initiated in 2021. Other Chinese tech firms, such as Huawei and search engine company Baidu, are also venturing into EV partnerships.
Xiaomi has committed to investing $10 billion in the automotive sector over the next ten years. The company is one of the few new entrants in China's EV market to receive approval from authorities, cautious about exacerbating the oversupply issue.
The production of Xiaomi's vehicles is undertaken by a BAIC Group subsidiary in a Beijing factory with an annual production capacity of 200,000 vehicles.
