Xiaomi, a Chinese tech giant, will commence deliveries of its first electric vehicle, Speed Ultra 7 (SU7) later this month. The company will most likely announce the price tag of its EV in a launch event scheduled for March 28.
Through a Weibo post, the Chinese smartphone maker announced that its 59 stores in 29 cities will start taking orders for the SU7 soon.
Notably, Xiaomi’s CEO, Lei Jun, highlighted the company’s long-term goal for EVs during the unveiling of the SU7 sedan in December in Beijing. Lei Jun said Xiaomi aims to be among the top five automakers in the world over a 15 to 20-year period.
Xiaomi SU7 Electric Sedan
The Chinese tech giant said that BAIC, a local manufacturer in Beijing, will produce the SU7. Impressively, the plant can manufacture around 200,000 vehicles annually.
The SU7 with “super electric motor” technology will accelerate from 0-100 km in an impressive 2.78 seconds.
This Xiaomi’s EV will rival Tesla and Porsche’s EVs in terms of acceleration speeds.
The company also claims a long range of 800 km on a full charge.
Moreover, prominent Chinese EV manufacturer BYD and domestic battery giant CATL will provide the batteries for the SU7.
This local partnership will boost the entry of Xiaomi into the EV sector. The SU7 will also include Xiaomi’s software to link with the company’s multitude of products.
Xiaomi’s Automotive Business Goal
With the aim to become one of the top automakers in the world, the Chinese tech company will invest a whopping $10bn in its automotive business over the next 10 years. This substantial investment could be because the Chinese government wants NEVs to become the mainstream of new car sales by 2035.
What’s interesting is that the company decided to launch the SU7 during an ongoing price war on EVs in China.
Recently, the biggest Chinese EV maker, BYD, decided to cut the cost of its vehicles. In order to compete with EV makers in their home ground, Tesla also slashed its prices by thousands of dollars.
Rapid Growth of Xiaomi
Xiaomi, founded in 2010, gained popularity rapidly in its domestic market as well as internationally.
To attract customers, the company aimed to deliver high-quality products at reasonable costs through online channels. This led to its development across numerous tech areas.
Xiaomi, with its diversification strategy, decided to enter into the electric car market. Its goal is to get worldwide recognition beyond smartphones and electrical products.
Despite fierce EV competition in the country, Xiaomi intends to establish a substantial foothold in the automotive sector.
With strategic alliances with key local companies in the EV market, Xiaomi will aim to become one of the biggest EV makers in the country as well as in the world.
