Xiaomi, the world’s largest tech company, announced this month that it will begin shipping its first electric vehicle ( EV ), its first foray into the highly competitive automotive sector.
The cost of the car is anticipated to be disclosed on March 28.
China’s fifth-largest handset manufacturer claims to have 59 shops in 29 different cities that accept orders.
In China, the largest automobile market in the world, a price battle is raging between companies like BYD and Tesla.
Lei Jun, the company’s CEO, stated that the company wants to be one of the top five car manufacturers in the world at the unveiling of the Speed Ultra 7 ( SU7 ) last year.
Over the next ten years, the smartphone tycoon has announced that it will invest$ 10 billion ( £7.8 billion ) in the vehicles sector.
Mr. Lei referred to the SU7 as having” very electric machine” technology that could surpass Tesla and Porsche EVs in speed.
Xiaomi hopes that existing clients will enjoy the vehicle’s shared operating system with its devices and other products as well.
As authorities try to halt a wave of newcomers to China’s energy automobile market, it is one of the few electric car startups to receive official approval.
A flower in Beijing, which can make up to 200 000 vehicles annually, will make the SU7 under the supervision of a subsidiary of the state-owned automobile manufacturer BAIC Group.
Xiaomi Automobile’s launch coincides with an intensifying price war in China’s EV business.
In recent months, regional rivals like BYD have slashed the prices of Tesla, which is led by multi-billionaire Elon Musk, by thousands of dollars.
Following today’s news, Xiaomi shares increased by more 10 % in Hong Kong.
Related Articles
-
-
2023, October 19
-
