Tesla is about to face more competition in the Chinese market as Xiaomi prepares to enter the automotive sector.
Xiaomi said on Tuesday that deliveries of its first electric vehicle (EV) will begin on March 28.
Following Apple’s failure, the Beijing-based tech giant known for its affordable smartphones, smartwatches and other high-tech gadgets will offer consumers in its home country the sporty Speed Ultra 7 (SU7) it unveiled last year. It’s planned.
According to a report by the BBC, Xiaomi claims the SU7 can accelerate faster than some EVs from Tesla and Porsche and has a range of up to 497 miles (800 kilometers). According to the South China Morning Post, Xiaomi’s new EV also features driver assistance features and a digital cockpit and is already on display in 59 showrooms in 29 cities across China.
Pricing for the SU7 has not yet been announced, but some local news reports say it will be priced between 250,000 yuan ($34,800) and 370,000 yuan ($51,500). Tesla’s Shanghai-made Model 3 is similarly priced between 245,900 and 285,900 yuan.
Tesla is cutting costs for its cars in China to keep pace with price cuts by other Chinese automakers, including BYD. BYD has made significant profits in the EV market in recent years with its affordable products and is starting to find success overseas as well. The market too.
Xiaomi said it plans to invest $10 billion in its automotive business over the next 10 years and may expand sales of the SU7 to global markets in the next few years. He added that the company’s stated goal is to become one of the world’s top five car manufacturers in the next 15 to 20 years.
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