Xiaomi, a well-known Chinese smartphone manufacturer, unveiled its first electric vehicle globally. Xiaomi, popularly known for its best-in-class technological capabilities, has now entered the automobile industry by unveiling the first EV Xioami SU7 sedan. The car was spotted for many times before the official media release and was highly anticipated among the EV enthusiasts.
This unveiling takes place against the backdrop of global automotive market challenges, particularly in China, the world’s largest auto market. The sector is dealing with excess manufacturing capacity and diminishing demand, which has resulted in fierce pricing competition.
Despite these hurdles, Xiaomi’s CEO, Lei Jun, stated ambitious objectives during the launch ceremony, emphasizing the company’s ambition to be among the top five automakers in the world. Lei Jun emphasized a long-term aim of creating a “dream car comparable to Porsche and Tesla” and laid out a strategic roadmap for the next 15 to 20 years.
About Xiaomi SU7 Sedan
Following the trend of digital businesses branching into electric vehicles, Xiaomi initially announced its entry into the EV industry in 2021. Committed to this shift, the corporation has set aside $10 billion in investments over the next decade. Notably, Xiaomi is one of the few new entrants in China’s EV industry, where regulators are wary of worsening the existing supply glut.
During the introduction event in Beijing, Lei Jun emphasized Xiaomi’s cars’ autonomous driving capabilities, putting them at the forefront of the automotive industry. Xiaomi-branded vehicles will be manufactured by a unit of the state-owned manufacturer BAIC Group in a Beijing factory with a 200,000-vehicle yearly manufacturing capacity. This strategic relationship coincides with Xiaomi’s lofty aims and demonstrates the company’s determination to make a substantial impact in the fast-expanding electric car sector.
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