Xiaomi unveils its first EV (SU7 Model), with ambition to be China’s Porsche or Tesla
Xiaomi, the renowned Chinese consumer electronics giant, is set to make a grand entry into the electric vehicle (EV) sector. The company announced its plans to compete with industry leaders like Tesla and Porsche with its innovative car model, the Xiaomi SU7. This move marks a significant shift for Xiaomi, traditionally known for its smartphones and home appliances, as it ventures into the highly competitive EV market.
The Xiaomi SU7, which has already stirred excitement in the automotive industry, is currently in trial production and is expected to hit the Chinese market in the coming months. CEO Lei Jun, in a recent post on X social media platform, previously known as Twitter, shared that the pricing details of the SU7 are yet to be finalized. The SU7, pronounced “Sue Qi” in Mandarin, promises to outperform its competitors, including Porsche’s Taycan and Tesla’s Model S, in terms of acceleration and other key metrics.
During a detailed three-hour presentation, Lei Jun revealed the ambitious goals of Xiaomi to become a leader in the EV industry. He emphasized their focus on autonomous driving and highlighted that the SU7’s design team includes veterans from prestigious automotive brands like BMW and Mercedes-Benz. The launch of sales is planned for 2024, following more than three years of dedicated development.
Xiaomi’s venture into EVs comes at a time when the market in China is experiencing rapid growth, with domestic automakers introducing innovative, technology-compatible vehicles. Xiaomi aims to leverage this trend by integrating the SU7 with its range of smartphones and internet-connected home appliances, creating a ‘Human x Car x Home’ smart ecosystem. Additionally, Lei Jun assured that data privacy among these interconnected devices is a priority, and the SU7 is designed to surpass U.S. safety standards.
The company has also announced the SU7’s compatibility with Apple’s products, including the iPhone, iPad, CarPlay, and AirPlay, despite Apple not having released a car of its own.
Details from the Ministry of Industry and Information Technology reveal that the Xiaomi SU7 is purely battery-powered, boasting a driving range of 390 to 500 miles. The manufacturing of the SU7 is listed under a subsidiary of the state-owned Baic Group.
While the exact price of the SU7 remains undisclosed, Lei Jun hinted that it would not be low, dismissing rumors of a 99,000 yuan or 140,000 yuan price tag. Ahead of its launch, Xiaomi has already started marketing its flagship smartphone and smartwatch in the SU7’s signature colors.
This announcement comes amidst a flurry of new electric vehicle unveilings by major Chinese EV players like Nio, Huawei’s Aito brand, Zeekr, and Xpeng. Xiaomi’s entry into this market is seen as a strategic move to expand its technological ecosystem.
Xiaomi’s stock saw a slight dip in Hong Kong trading following the announcement, but the company has experienced a 40% increase in its share value this year. The company also reported record sales during this year’s Singles Day shopping festival, highlighting its strong market presence.
With a commitment to invest significantly in research and development, Xiaomi is poised to become a key player in the evolving world of electric vehicles, challenging established automakers and offering consumers innovative, technology-integrated driving experiences.
