Mar 25 2024: Xiaomi’s CEO unveiled details about the company’s first electric vehicle (EV) on Monday, stating that the car aims to be the “best looking, easiest to drive, and smartest car” priced below 500,000 yuan ($69,424). This announcement comes as Xiaomi prepares to begin accepting orders for the vehicle this week.
The electric car, named SU7 (Speed Ultra 7), will officially reveal its price range on Thursday evening when orders commence. Xiaomi’s CEO, Lei Jun, shared these details on his official Weibo account, marking the first confirmation of the upper limit of the car’s price range.
The anticipation surrounding the SU7 has been growing since Xiaomi’s initial unveiling of the vehicle in December, along with the company’s ambition to become one of the world’s top five automakers. Lei has emphasized the car’s advanced technology capable of rivaling Tesla’s acceleration and Porsche’s electric vehicles.
To showcase the SU7, Xiaomi has started displaying the car in 76 stores across 29 Chinese cities, attracting potential customers and car enthusiasts. The “ocean blue” variant and other versions of the car are on display, drawing attention for their design features aimed at reducing drag.
Prospective buyers, like Jim Yan, have praised the SU7’s curves and aerodynamic design. Yan, who works in the legal industry, commended Xiaomi’s originality in both phone design and now, car design, noting Xiaomi’s reputation for offering good value in its products.
The SU7 will be available in two versions, offering driving ranges of up to 668km (415 miles) and 800km on a single charge, respectively. This places Xiaomi’s EV in direct competition with Tesla’s Model S, which has a similar range.
Xiaomi’s venture into the EV market comes as part of its strategy to diversify beyond smartphones, following a plan announced in 2021. Other Chinese tech companies, including Huawei and Baidu, have also entered the EV space through partnerships with established automakers.
With a significant investment of $10 billion in the automotive sector over a decade, Xiaomi aims to carve out a space in China’s competitive EV market. Production of its cars is underway at a factory in Beijing, operated by a unit of state-owned automaker BAIC Group, with an annual capacity of 200,000 vehicles.