China's Xiaomi Unveiled Its First Electric Vehicle And Intends To Overtake All Other Automakers

Xiaomi, a Chinese manufacturer of smartphones, unveiled its first electric car on Thursday and declared its intention to rank among the top five automakers in the world.

Claiming to have "super electric motor" technology that can deliver acceleration speeds faster than Tesla cars and Porsche's EVs, Chief Executive Lei Jun teased the much-awaited sedan, which is dubbed the SU7 or Speed Ultra.

However, the car's release coincides with the world's largest auto market in China, which is struggling with capacity glut and slowing demand, which has sparked a brutal price war. The car is expected to go on sale in several months.

Despite this, Lei Jun, the CEO of Xiaomi, continued to outline ambitious goals.

"By working hard over the next 15 to 20 years, we will become one of the world's top 5 automakers, striving to lift China's overall automobile industry," he stated during the event.

Building "a dream car comparable to Porsche and Tesla" is one of those plans, he continued.

The fact that the SU7 runs the same operating system as Xiaomi's well-known phones and other electronics is another factor that should draw in buyers. The company's current collection of mobile apps will be easily accessible to its drivers.

According to Bill Russo, CEO of Shanghai-based advisory firm Automobility, "Xiaomi is a well-established consumer electronics brand with hundreds of millions of 'Mi Fans,' or members of its smart device ecosystem."

"As such, they have a significant opportunity to break through as the automobile becomes a smart device."

There will be two variants of the SU7: one with an 800 km driving range and the other with a 668 km driving range on a single charge. By contrast, the maximum range of Tesla's Model S is 650 kilometers.

The cost has not yet been disclosed. The price would "in fact be a bit high, but one that will have everyone thinking is justified," according to Lei.

Amid one of China's coldest Decembers ever, the SU7 was also positioned to appeal to winter-weary consumers. Lei claimed that it could quickly charge in cold weather and that its cutting-edge technology enabled it to identify obstacles in difficult situations like snowfall.

He added that Xiaomi vehicles would lead the industry in autonomous driving capabilities.

However, Lei's aspirations were unsuccessful in raising Xiaomi's stock price, as the Hong Kong-listed company's shares gave up previous gains to close 0.3% lower.

In response to the stalling smartphone market, China's fifth-largest smartphone manufacturer has been attempting to expand into the EV market. The company first announced this plan in 2021. Other Chinese tech firms, such as search engine Baidu and telecom behemoth Huawei, have collaborated with automakers to develop EVs.

One of the few new companies in China's EV market to receive approval from regulators who have been hesitant to add to the glut of supply is Xiaomi, which has promised to invest $10 billion in cars over the course of ten years.
A division of the state-owned automaker BAIC Group will make its cars in a Beijing plant with a 200,000-vehicle capacity annually.

According to third-quarter data from Zheshang Securities, BYD, which holds a one-third share in the fiercely competitive Chinese EV market, will probably pose the biggest threat to Tesla.

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