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The Chinese Xiaomi announced its first electric vehicle on Thursday and predicts that it is the first step to surpass Tesla.
The SU7 will have a range of up to 500 miles and will compete for customers with the Tesla Model S, which has a range of 320 to 410 miles.
The Chinese-made vehicle will also feature autonomous driving, an entertainment system fully compatible with Xiaomi smartphones and dizzying acceleration that will take it from 0 to 62 miles per hour in 2.78 seconds.
Pricing has yet to be announced, but CEO and co-founder Lei Jun said in the presentation that it could be between $14,000 and $56,000; the Model S starts at $74,990.
Xiaomi CEO Lei Jun announced that the electronics company will launch an electric car in 2024, following companies such as Apple and Foxconn that have attempted to enter the electric vehicle market.
With this move, the smartphone maker joins the ranks of other electronics companies such as Apple and Foxconn that have been trying to enter the transportation business.
Unlike Apple, the company aims to sell its first cars in 2024. Xiaomi is one of the largest smartphone manufacturers in the world.
Lei said he expects Xiaomi cars to rival Porsche’s performance and Tesla’s technology in the Chinese electric vehicle market.
But the car, which will likely go on sale in several months, is making its debut at a time when China’s auto market – the world’s largest – is struggling with oversupply and a slowdown in demand.
These two factors have fueled a tough price war, but that didn’t stop Xiaomi CEO Lei Jun from outlining big ambitions.
Xiaomi’s goal for the SU7 is to produce a car that rivals its competitors in luxury and performance but at a lower price, according to the company’s CEO.
Lei said it had fast charging capabilities in low temperatures and is equipped with advanced technology, allowing it to recognize obstacles in challenging conditions, such as falling snow.
“By working hard over the next 15 to 20 years, we will become one of the world’s top five automakers, striving to boost China’s automobile industry as a whole,” he said at the opening on the stage of the China National Convention Center. China in Beijing.
Those plans include building “a dream car comparable to Porsche and Tesla,” he added.
The SU7 is also expected to attract customers due to its shared operating system with Xiaomi’s popular phones and other electronic devices. Your drivers will have seamless access to the company’s existing portfolio of mobile apps.
“Xiaomi is a well-established consumer electronics brand with hundreds of millions of ‘My Fans,’ or members of its smart device ecosystem,” said Bill Russo, CEO of Shanghai-based advisory firm Automobility.
“As such, they have a great opportunity to advance as the car becomes a smart device.”
The SU7 will come in two versions: the single-motor version with a driving range of up to 415 miles on a single charge and the dual-motor version with a range of up to 500 miles. By comparison, the Tesla Model S has a range of 320 to 410 miles.
The Xiaomi SU7 will come in two configurations, according to CEO Lei: a single-motor and a dual-motor configuration. The latter has a time from 0 to 100 km/h in 2.78 seconds.
Wind tunnel testing resulted in an extremely aerodynamic car, Lei said, with a drag coefficient of 0.195, meaning it has less air resistance than some of the world’s fastest cars.
Power for the five-seat sedan will come from batteries made by one of two Chinese manufacturers, depending on whether the car has a single motor or two, according to Bloomberg.
Amid one of the coldest Decembers on record in China, the SU7 was also positioned to appeal to winter-conscious consumers.
Lei said it had fast charging capabilities in low temperatures and is equipped with advanced technology, allowing it to recognize obstacles in challenging conditions, such as falling snow.
Pricing has yet to be announced, but CEO and co-founder Lei Jun said in the presentation that it could be between $14,000 and $56,000; the Model S starts at $74,990.
He also said that the autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry.
However, Lei’s ambitions failed to boost Xiaomi’s share price, and the company’s Hong Kong-listed shares gave up earlier gains to end down 0.3 percent.
China’s fifth-largest smartphone maker has been looking to diversify beyond its core business into electric vehicles amid stagnating smartphone demand, a plan it first signaled in 2021. Other Chinese tech companies have partnered with automakers to develop electric vehicles include telecommunications giant Huawei and search engine. Baidu signature.
Xiaomi has pledged to invest $10 billion in cars over a decade and is one of the few new players in China’s electric vehicle market to win approval from authorities who have been reluctant to add to the oversupply. .
Its cars will be produced by a unit of state-owned automaker BAIC Group at a Beijing factory with an annual capacity of 200,000 vehicles.
In an extremely crowded Chinese electric vehicle market, its biggest competition will likely come from BYD, which controls a third of the share, while Tesla has 9 percent, according to third-quarter figures from Zheshang Securities.