Xiaomi is entering the competitive automotive industry with the launch of its first electric vehicle, the Speed Ultra 7 (SU7). The vehicle will begin to be delivered this month. Here are the details…
Xiaomi begins electric car sales
Xiaomi, the fifth largest smartphone manufacturer in China, has started taking orders in 59 stores across 29 cities in the country. The price of the SU7 will be announced on March 28th. Xiaomi’s entry into the electric car market comes at a time when there is intensifying price competition among companies like BYD and Tesla.
At the SU7 launch event, CEO Lei Jun declared the company’s goal to become one of the world’s top five car manufacturers. Xiaomi plans to invest $10 billion in the car business over the next decade.
The ambitious SU7 model from Xiaomi stands out with its ‘super electric motor’ technology and can accelerate faster than some Tesla and Porsche electric cars. Xiaomi also hopes that the car’s use of a shared operating system with phones and other devices will be appealing to its current customers.
The SU7 will be produced in a Beijing facility by a unit of the state-owned automaker BAIC Group, capable of producing 200,000 vehicles a year. Xiaomi has been authorized as one of the few companies allowed to enter China’s electric vehicle market as a new venture.
The company’s shares rose by more than 10% in Hong Kong following today’s announcement. Xiaomi’s entry into the car sector seems likely to further expand the company’s diversity and innovative approaches in technology.
How do you think this development might affect Xiaomi’s overall business strategies and its position in the global technology market? Don’t forget to share your thoughts.
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