Chinese tech company Xiaomi is taking on Tesla by launching its first electric vehicle (EV) on Thursday, marking its entry into the competitive automotive market.
Xiaomi’s CEO Lei Jun revealed that the Speed Ultra 7 (SU7) would be priced at less than 500,000 yuan ($69,186; £54,836).
According to research firm Counterpoint, Xiaomi has the world’s third largest seller of smartphones with a market share of about 12%.
Manufacturing Capacity of 20,000 Cars
Positioned to rival industry giants like Tesla and BYD, Xiaomi aims to leverage its huge customer base by offering the SU7.
Manufactured by a unit of state-owned BAIC Group in Beijing, the plant’s capacity reaches up to 200,000 vehicles annually.
$10 Billion Investment
Xiaomi’s foray into the EV market underscores its confidence in the Chinese market’s potential, in contrast to Apple’s recent withdrawal from EV production plans.
Xiaomi plans to invest $10 billion (£7.9 billion) over the next decade, capitalizing on China’s mature EV ecosystem amid intensifying competition and government trade disputes.
