Xiaomi’s CEO on Monday, articulated his vision for the company’s inaugural electric vehicle (EV), aiming for it to be the “most aesthetically appealing, user-friendly, and intelligent car” priced below 500,000 yuan ($69,424).
As the Chinese electronics giant prepares for orders to open this week, it will officially announce the price range and commence order-taking for the vehicle named the SU7, with “SU” denoting Speed Ultra.
This declaration, shared by CEO Lei Jun on his official Weibo account, represents the first disclosure of the upper limit of the car’s price range.
Since Xiaomi unveiled the vehicle in December with aspirations to rank among the world’s top five automakers, anticipation for the car has grown. Lei has highlighted its technology, boasting acceleration capabilities surpassing those of Tesla cars and Porsche’s EVs.
In China, Xiaomi stores began showcasing the car, drawing interest from potential customers and automotive enthusiasts eager to examine the “ocean blue” variant. Additionally, the company released its “Xiaomi Car” app on Chinese app stores.
The SU7 will offer two versions, one with a range of up to 668km (415 miles) on a single charge and another with a range of up to 800km. For comparison, Tesla’s Model S provides a range of up to 650km.
Xiaomi, China’s fifth-largest smartphone manufacturer, has embarked on EV diversification amid smartphone demand saturation, a strategy it first announced in 2021.
Other Chinese tech firms, including Huawei and Baidu, have also entered the EV market through partnerships with automakers. Xiaomi has committed to investing $10 billion in automotive ventures over a decade and has gained approval from Chinese authorities, making it one of the few new entrants authorized to operate in China’s competitive EV market.
Production of its vehicles is conducted by a unit of state-owned automaker BAIC Group at a Beijing facility with an annual capacity of 200,000 vehicles.
