Xiaomi from China reveals its inaugural electric car, aiming to emerge as a leading automaker.
Xiaomi, renowned for smartphones, unveiled its inaugural electric vehicle, the SU7, with aspirations to rank among the globe's top five automakers.
The SU7 sedan is anticipated to leverage its shared operating system with Xiaomi's popular phones, aiming for seamless integration and user familiarity.
Despite the car's debut, China's auto market faces challenges of excess capacity and declining demand, sparking intense price competition.
CEO Lei Jun is resolute about Xiaomi's aspirations, envisioning a future where they create a "dream car" akin to esteemed brands like Porsche and Tesla.
Xiaomi, like other tech giants, has ventured into electric vehicles, initiating plans in 2021 to diversify its offerings beyond smartphones.
With a committed investment of $10 billion over a decade, Xiaomi emerges as a notable participant in China's EV market, albeit amidst government caution due to oversupply concerns.
At the launch in Beijing, Lei highlighted the autonomous driving features, positioning Xiaomi's cars at the forefront of innovation within the industry.
Xiaomi's collaboration with a subsidiary of the state-owned BAIC Group will see production in a Beijing factory capable of manufacturing 200,000 vehicles annually.
The brand's entry into electric vehicles signals a strategic shift, aiming to contribute significantly to China's automotive landscape.
Lei's bold vision aligns with Xiaomi's commitment to not just enter but significantly impact and elevate China's automobile industry over the next two decades.