Xiaomi, the renowned Chinese electronics giant, is all set to release its first electric vehicle, the Xiaomi SU7.
Founder and CEO Lei Jun announced on Tuesday that deliveries of the highly anticipated electric car would commence by the end of March, with the official launch scheduled for March 28.
In a social media post on Weibo, Lei Jun shared the news along with a glimpse of the Xiaomi SU7, which had earlier been unveiled to the press in December 2023.
The announcement triggered a significant surge in Xiaomi’s shares, propelling them nearly 10 percent higher by midday in Hong Kong, where the company is listed. This positive market response reflects the growing anticipation surrounding Xiaomi’s foray into the electric vehicle sector, an initiative that was initially revealed in 2021.
Features of Xiaomi SU7
Manufactured by Chinese auto giant BAIC, the Xiaomi SU7 comes equipped with Xiaomi’s proprietary software and electronic features. Xiaomi SU7 batteries, offering an impressive driving range of up to 800 kilometers (500 miles), are sourced from China’s largest electric automaker BYD and domestic battery giant CATL.
Lei Jun, outlining Xiaomi’s ambitious vision in December, expressed the goal of positioning the company among the world’s top five automotive manufacturers through dedicated efforts over the next 15 to 20 years.
Xiaomi’s Venture into Electric Vehicles
Xiaomi’s venture into electric vehicles comes amid intense competition in the Chinese market, marked by aggressive pricing strategies from top Chinese brands. The company aims to capitalize on its technological expertise, leveraging its success as the world’s third-largest smartphone manufacturer. Xiaomi’s product portfolio also includes tablets, smartwatches, headphones, and scooters.
In the rapidly expanding electric vehicle sector of China, where foreign firms have faced challenges, domestic tech companies like Xiaomi have increasingly invested, signaling a broader trend of tech giants diversifying into the automotive industry. With its SU7 set to hit the roads later this month, Xiaomi aims to establish a significant presence in the ever-evolving electric vehicle landscape.
