Xiaomi SU7 electric car now on display, pricing teased
What's the story
Xiaomi, the renowned Chinese electronics titan, has announced plans to inject $10 billion into the automotive sector over the next 10 years.
This strategic move signifies its debut in China's burgeoning electric vehicle (EV) market.
Lei Jun, the company's CEO, revealed on his Weibo account that Xiaomi's inaugural electric vehicle, the SU7, will be marketed at a price point below CNY 500,000 ($69,424).
Availability
Xiaomi's SU7: A fresh competitor in the EV arena
The SU7, an acronym for Speed Ultra, will be open for pre-orders starting Thursday evening (March 28).
The official pricing structure will be disclosed at that time.
This announcement follows the car's grand reveal in December, where Jun praised its technology for offering superior acceleration compared to Tesla and Porsche's EVs.
Specs
SU7's features and public showcase
The SU7 will be available in two distinct models. One offers a driving distance of up to 668km on a single charge, while the other boasts a range of up to 800km.
This performance outshines Tesla's Model S which delivers a range of up to 650km.
Today, Xiaomi stores across China started showcasing the "ocean blue" variant of the car, drawing in potential buyers and auto enthusiasts.
Plan
Xiaomi's EV manufacturing and market approach
Xiaomi has managed to secure approval from authorities as one of the few recent entrants in China's EV market.
The company's vehicles are being assembled by a subsidiary of state-owned carmaker BAIC Group, in a Beijing-based factory with an annual output capacity of 200,000 vehicles.
This venture into EVs is part of Xiaomi's diversification strategy as it seeks new growth avenues amit plateauing smartphone demand - a plan it initially unveiled in 2021.