Chinese smartphone firm Xiaomi published on Dec. 28, 2023, its impending electrical car, the SU7 sedan.
CNBC | Evelyn Cheng
BEIJING — Chinese user electronics firm Xiaomi on Thursday detailed plans to enter China’s oversaturated electrical automobile market and compete with automaker giants Tesla and Porsche with a car model it says it spent greater than 10 billion yuan ($1.4 billion) to build.
The firm’s car model, ceaselessly called Xiaomi SU7, “is in trial production and this would presumably presumably moreover unbiased hit the home market in a few months,” CEO Lei Jun stated in a Tuesday post on the X social media platform, previously ceaselessly called Twitter. “The price has now now not been finalized yet.”
Pronounced “Sue Qi” in Mandarin, the Xiaomi SU7 beats Porsche’s Taycan and Tesla’s Model S on acceleration and numerous metrics, Lei stated correct thru a three-hour presentation on Thursday.
He laid out audacious ambitions to change into an commerce chief, alongside with in independent using and notorious that the SU7 make crew previously worked at BMW and Mercedes Benz.
Sales are attributable to originate in 2024, after greater than three years of model— correct thru which electrical automobiles occupy taken off in China’s extremely aggressive market, and home automakers occupy begun to distinguish their products thru audacious offerings of car-admire minded tech.
Right here’s an keep of potential advantage for Xiaomi, which is easiest known for its smartphones and home appliances and previously stated it needs to develop a “‘Human x Automotive x House’ lovely ecosystem.”
The SU7 is integrated with Xiaomi’s smartphones and web-connected home appliances, Lei announced Thursday. He emphasized the firm’s efforts to make certain details privateness amongst the devices and develop a car that surpasses U.S. safety standards for rear-conclude collisions.
Lei stated the auto will moreover be admire minded with Apple’s iPhone, iPad, CarPlay and AirPlay. The U.S. big has yet to liberate a car despite current speculation of such plans.
Xiaomi
Two Xiaomi SU7 units looked on a list of tax-exempt contemporary energy automobiles published by the Ministry of Trade and Records Technology on Tuesday.
The doc described the automobiles as purely battery powered, with using vary of 628 kilometers (390 miles) to 800 kilometers. The ministry listed a subsidiary of affirm-owned BAIC Neighborhood because the manufacturer for the Xiaomi SU7.
While the auto is now now not yet accessible, Xiaomi has started selling its flagship smartphone and lovely investigate cross-check within the “aqua blue” and “olive oil green” colours of the SU7 sedan.
A price for the SU7 has yet to be published, but Lei hinted the aquire would now now not be low-fee and brushed aside rumors of a ninety nine,000 yuan or 140,000 yuan mark.
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The Xiaomi car tech tournament comes as several home EV players occupy now now not too prolonged within the past published contemporary electrical automobiles.
- Nio on Saturday debuted its 800,000 yuan ($113,090) ET9, keep to originate deliveries within the major quarter of 2025.
- Huawei’s Aito designate on Tuesday unveiled its M9 SUV — beginning at 469,800 yuan and attributable to originate mass deliveries in unhurried February 2024.
- Zeekr, backed by Geely, on Wednesday announced its 007 sedan would inaugurate at 209,000 yuan with deliveries beginning on Jan. 1.
Xpeng, which Xiaomi backed in 2019, is keep to inaugurate its X9 automobile on Jan. 1, 2024. Before the Thursday tournament, Lei shared photos on current Chinese social media platform Weibo which showed buildings lit up with messages of Xiaomi announcing it salutes BYD, Nio, Xpeng, Li Auto and Huawei.
Xiaomi shares closed 0.25% decrease in Hong Kong buying and selling on Thursday. The firm’s Hong Kong-traded shares are up by greater than 40% up to now this year. The industry claimed file sales of greater than $3 billion correct thru varied e-commerce platforms correct thru this year’s Singles Day taking a watch competition.
Xiaomi has stated it expects to utilize 20 billion yuan ($2.8 billion) on research on model this year, up by 25% from 2022 and greater than double the amount spent in 2020.
