Xiaomi Unveils its First Electric Vehicle SU7 – Features, Price, and Market Impact
Xiaomi, a famous Chinese smartphone maker, has introduced its first electric vehicle (EV) and is now accepting orders for it.
During the launch event, Lei Jun, the CEO of Xiaomi, announced that the standard SU7 model would cost 215,900 yuan ($29,872; £23,663), while the Max version would be priced at 299,900 yuan.
In just 27 minutes after the start of sales, Xiaomi received over 50,000 orders for the electric car.
Xiaomi’s entry into the electric car market comes at a time when sales growth globally is slowing down, leading to increased competition and price competition.
This move puts Xiaomi in direct competition with other EV makers like Tesla and BYD. For example, Tesla’s Model 3 starts at 245,900 yuan in China. Mr. Lei also mentioned that the SU7, which can travel a minimum of 700km (435 miles) on a single charge, is comparable to Porsche’s Taycan and Panamera models and surpasses the Tesla Model 3’s range of 567km.
Xiaomi expects that the SU7’s operating system, which is similar to its smartphones, laptops, and other devices, will attract its existing customer base.
According to research firm Counterpoint, Xiaomi is the third-largest smartphone seller globally, with about 12% of the market share. The SU7 will be produced at a factory in Beijing operated by a subsidiary of the state-owned car manufacturer BAIC Group, with a production capacity of up to 200,000 vehicles per year.
