Xiaomi announced the sale of its first electric car (Xiaomi SU7) at the end of March 2024, and indicated that the price of the car will be revealed in the coming days, and the Chinese Xiaomi shares jumped to over 10% immediately following the announcement of the production.
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The fifth-largest smartphone maker in China, Xiaomi, stated that it has 59 stores in 29 cities across the country ready to receive orders for the new car. This is at a time when the car market is witnessing fierce competition and a price war between the giants BYD and Tesla in China.
Xiaomi Plans to Invest $10 Billion in The Electric Cars Industry
According to the CEO of the giant company, Lee Jun, the company plans to implement investments worth ten billion dollars (7.8 billion pounds sterling) in the electric car sector over the next ten years.
Lee also added that the Xiaomi SU7 (Speed Ultra 7) car contains a “Super Electric Motor” Technology that has an acceleration capacity superior to Tesla and Porsche electric cars.
The Smart Mobile Phones Giant Aims to Become One of the Largest Electric Car Manufacturers
Aspirations to Create a Dream Car Similar to Porsche and Tesla
Lee said during the ceremony in which the new car was unveiled:
Through hard work over the next 15 to 20 years, we at Xiaomi will become one of the world’s top five automakers, and strive to advance China’s overall auto industry.
Common Operating System with All Xiaomi Smartphones and Devices
On the other hand, Xiaomi believes that it is able to attract its current customers who are keen to follow everything new it offers in the world of mobile phones to its own arena of electric cars, in addition to new customers.
It is also expected that the car (SU7) will attract customers. Due to its common operating system with popular Xiaomi phones and other electronic devices. Providing the driver with seamless access to the company’s existing suite of mobile applications.
Watch the Promotional Video of the SU7
The new car is issued in two versions, one with a driving range of up to 668 kilometers on a single charge and the other with a driving range of up to 800 kilometers. In comparison, the Tesla Model S has a range of 650 km.
Sources said that the Xiaomi SU7 will be manufactured by a unit of the state-owned BAIC Group, which specializes in car production, at a factory in Beijing that can produce up to 200,000 cars annually.
It is noteworthy that Xiaomi’s announcement of the launch of its new car led to a qualitative jump in the shares of the giant Chinese company by more than 10% in Hong Kong.
Source: BBC
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