Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle (EV) on Thursday and announced it was aiming to become one of world's top five carmakers.
The sedan, dubbed the SU7, is a highly anticipated model expected to make the most of its shared operating system with the company's popular phones.
But the car is making its debut at a time when the world's largest car market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.
That didn't stop Xiaomi CEO Lei Jun outlining big ambitions that include building “a dream car comparable to Porsche and Tesla”.
“By working hard over the next 15 to 20 years, we will become one of the world's top five carmakers, striving to lift China's overall automobile industry,” Lei said at the event.
Like several other tech firms, Xiaomi has been seeking to diversify beyond its core business to EVs — a plan it first flagged in 2021.
It has pledged to invest $10bn (R184bn) in cars over a decade and is one of the few new players in China's EV market as authorities have been reluctant to add to the supply glut.
At the launch event in Beijing, Lei said the autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry.
The Xiaomi-branded cars will be produced by a unit of state-owned carmaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.
Chinese smartphone maker Xiaomi unveils SU7 as its first electric car
The firm aims to become one of world's top five carmakers
Image: Reuters
Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle (EV) on Thursday and announced it was aiming to become one of world's top five carmakers.
The sedan, dubbed the SU7, is a highly anticipated model expected to make the most of its shared operating system with the company's popular phones.
But the car is making its debut at a time when the world's largest car market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.
That didn't stop Xiaomi CEO Lei Jun outlining big ambitions that include building “a dream car comparable to Porsche and Tesla”.
“By working hard over the next 15 to 20 years, we will become one of the world's top five carmakers, striving to lift China's overall automobile industry,” Lei said at the event.
Like several other tech firms, Xiaomi has been seeking to diversify beyond its core business to EVs — a plan it first flagged in 2021.
It has pledged to invest $10bn (R184bn) in cars over a decade and is one of the few new players in China's EV market as authorities have been reluctant to add to the supply glut.
At the launch event in Beijing, Lei said the autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry.
The Xiaomi-branded cars will be produced by a unit of state-owned carmaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.
MORE:
REVIEW | GWM Ora 03 offers charm and decent range at a semi-palatable price
South African 2024 Car of Year semifinalists announced
NEW MODELS | BYD ATTO 3 is one of SA's cheapest electric cars
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos