Xiaomi’s to start with EV, the SU7, is on display at a Xiaomi Automotive shipping heart on March 25, 2024 in Hefei, Anhui Province of China. Chinese tech company Xiaomi’s initially electric powered car or truck, the SU7, will be formally introduced on March 28.
Ruan Xuefeng | Visual China Group | Getty Pictures
Xiaomi CEO Lei Jun on Monday teased the rate of the Chinese firm’s 1st electrical motor vehicle forward of its official launch this week.
“The purpose of the Xiaomi SU7 is to be the very best seeking, finest driving, and most clever sedan beneath 500,000 yuan ($69,328),” Lei reported in a write-up on Chinese social media service Weibo.
It is the 1st time Xiaomi has confirmed the higher conclusion of the price assortment. On Thursday, Xiaomi will formally start the SU7 electric car or truck and commence using orders.
The vehicle is on exhibit across Xiaomi shops in China in 29 towns, in accordance to another Weibo article by Lei. He claimed that test drives will begin on Thursday.
Xiaomi Group President Weibing Lu instructed CNBC previously that the firm is focusing on the high quality section of the electric powered car market.
That would pit it from the likes of Tesla in China. For comparison, Tesla’s Model S sedan starts at 698,900 yuan while the Model 3 begins at 245,900 yuan.
Xiaomi will also be competing in opposition to a slew of domestic players together with large BYD, Nio, Xpeng and Li Vehicle, a lot of of which are also concentrating on the premium stop of the EV industry.
Xiaomi is most effective-acknowledged as a smartphone and purchaser electronics company. But in 2021, the enterprise introduced designs to enter the EV race. A few several years later on it is dealing with a quite distinct electric powered car market in China — one that is perhaps experiencing a slowdown and where competitiveness is slash-throat.
The EV sector is in the midst of a value war which was sparked by Tesla at the stop of 2022. This has forced other electric powered motor vehicle companies to slash prices in buy to stoke need and stay competitive, which has pressured margins and profitability throughout the marketplace.
Pricing will be key for Xiaomi in this kind of a aggressive industry and 1 where the company has no prior record. The massive guess on EVs from Xiaomi is not shed on CEO Lei.
“A few a long time back, I announced that Xiaomi was going to enter the EV current market. This is my ultimate new venture — I am putting my status on the line to combat for a vision I deeply considered in,” Lei claimed in a publish on X.
