Xiaomi Ventures into Electric Vehicles with SU7 Model

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Chinese tech giant Xiaomi announced its foray into the electric vehicle (EV) market with the launch of its first EV model, SU7, scheduled for delivery this month.

With 59 stores across 29 cities ready to take orders, Xiaomi plans a grand launch event on March 28, where the price tag for SU7 is expected to be revealed. The news sparked a 7% surge in Xiaomi’s shares during morning trading.

At the unveiling of the Speed Ultra 7 (SU7) sedan last December, Xiaomi’s CEO Lei Jun expressed ambitions to position Xiaomi among the top five automakers globally. Highlighting the SU7’s “super electric motor” technology, Lei claimed it could deliver acceleration speeds even faster than Tesla and Porsche’s EVs. Analysts believe that the integration of Xiaomi’s operating system with its popular phones and electronic devices will attract its existing customer base.

Xiaomi’s move into the EV market aligns with its strategy to diversify beyond smartphones, especially amid a plateau in smartphone demand. This expansion into EVs was initially hinted at in 2021. With its vast consumer base and technological prowess, Xiaomi aims to make a significant mark in the competitive electric vehicle industry, leveraging its brand recognition and technological expertise to penetrate the world’s largest auto market.

Source: Reuters

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