Xiaomi set to revolutionise EV market with SU7 launch, shares surge 7 pc
Visitors film around Xiaomi's first electric vehicle
China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape, Reuters reported.
Xiaomi, the country's fifth-largest smartphone maker, shared the news via Weibo, revealing that orders can be placed at its 59 stores in 29 cities nationwide.
The eagerly anticipated launch event for the SU7 is scheduled for March 28, where the electric sedan's price tag is expected to be unveiled.
In response to this significant move, Xiaomi's shares experienced a notable 7 per cent surge during morning trade.
At the unveiling of the SU7 in December, Xiaomi's Chief Executive Lei Jun expressed the company's ambitious goal to become one of the world's top five automakers.
Lei highlighted the SU7's "super electric motor" technology, noting its capability to outpace acceleration speeds offered by Tesla and Porsche's EVs.
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Analysts believe that the shared operating system with Xiaomi's popular phones and electronic devices will attract the company's existing customer base to its new EV venture.
In a market witnessing fierce competition and price wars, Xiaomi's entrance into the electric vehicle sector comes amid a broader trend of EV sales growth in China.
While EV sales saw an 18 per cent increase in January-February, the competition has led to deeper price cuts, with market leader BYD leading the way.
Xiaomi's move aligns with its efforts to diversify beyond its core business of smartphones, a plan initially unveiled in 2021.
The SU7 vehicles will be manufactured by a unit of the state-owned automaker BAIC Group in a Beijing factory with an annual production capacity of 200,000 vehicles.
Xiaomi's aim to invest $10 billion in the automotive sector over the next decade has gained approval from Chinese authorities, a noteworthy achievement considering their reluctance to contribute to an already saturated market.
The company's vigour to foster to innovation and technology integration, is evident in the shared operating system with its popular devices, positioning Xiaomi as a key player in China's EV sector.
(With inputs from Reuters)