Xiaomi Charges Into EV Market With First Deliveries This Month

Xiaomi, China's fifth-largest smartphone maker, announced on Tuesday that it will begin deliveries of its first electric vehicle (EV), the SU7, later this month. The official launch event is scheduled for 28 March, where pricing will be revealed. Xiaomi's shares surged 7% on the news. The company committed US$10 billion to the automotive sector over the next decade. Production will be handled by a subsidiary of state-owned BAIC Group at a Beijing factory with an annual capacity of 200,000 vehicles. CEO Lei Jun expressed aspirations to become one of the world's top five automakers, highlighting the SU7's 'super electric motor' technology that rivals Tesla and Porsche. Xiaomi's integrated operating system with its smartphones is seen as a unique selling point. The move follows a 2021 decision to diversify amid stagnant smartphone demand.

Xiaomi, China's fifth-largest smartphone maker, announced on Tuesday that it will begin deliveries of its first electric vehicle (EV), the SU7, later this month. The official launch event is scheduled for 28 March, where pricing will be revealed. Xiaomi's shares surged 7% on the news. The company committed US$10 billion to the automotive sector over the next decade. Production will be handled by a subsidiary of state-owned BAIC Group at a Beijing factory with an annual capacity of 200,000 vehicles. CEO Lei Jun expressed aspirations to become one of the world's top five automakers, highlighting the SU7's 'super electric motor' technology that rivals Tesla and Porsche. Xiaomi's integrated operating system with its smartphones is seen as a unique selling point. The move follows a 2021 decision to diversify amid stagnant smartphone demand.

Xiaomi, China's fifth-largest smartphone maker, announced on Tuesday that it will begin deliveries of its first electric vehicle (EV), the SU7, later this month. The official launch event is scheduled for 28 March, where pricing will be revealed. Xiaomi's shares surged 7% on the news. The company committed US$10 billion to the automotive sector over the next decade. Production will be handled by a subsidiary of state-owned BAIC Group at a Beijing factory with an annual capacity of 200,000 vehicles. CEO Lei Jun expressed aspirations to become one of the world's top five automakers, highlighting the SU7's 'super electric motor' technology that rivals Tesla and Porsche. Xiaomi's integrated operating system with its smartphones is seen as a unique selling point. The move follows a 2021 decision to diversify amid stagnant smartphone demand.

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