Xiaomi to Begin Deliveries of First Electric Vehicle This Month
Chinese technology giant Xiaomi is set to enter the competitive automotive industry with the launch of its first electric vehicle (EV) this month. The car’s price will be announced on 28 March.
Xiaomi, China’s fifth-largest smartphone maker, has 59 stores in 29 cities across the country to take orders for the new electric vehicle. The company aims to become one of the top five car makers globally and has committed to investing $10bn in its vehicles business over the next decade.
The SU7, unveiled last year, features “super electric motor” technology capable of accelerating faster than some Tesla and Porsche EVs. Xiaomi hopes that the car’s shared operating system with its phones and other devices will appeal to existing customers.
The launch of Xiaomi Automobile comes amid an intensifying price war in China’s EV market. Local rivals like BYD have slashed prices, prompting Tesla to reduce the cost of its cars in China by thousands of dollars in recent months.
Xiaomi shares surged by more than 10% in Hong Kong following the announcement of the new electric vehicle.
