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China's Xiaomi "unveils" the first electric car

2023-12-29 10:23:54Lifestyle SHKRUAR NGA REDAKSIA VOX

China's Xiaomi "unveils" the first electric car

Chinese smartphone maker Xiaomi unveiled its first electric vehicle on Thursday and immediately announced its intention to become one of the world's top five automakers. The sedan, called the SU7 with the abbreviation SU for Speed ​​Ultra, is a highly anticipated model that CEO Lei Jun announced has "super electric motor" technology capable of delivering acceleration speeds faster than Tesla cars and Porsche EVs.

But the car, which is likely to go on sale in a few months, is making its debut at a time when the automotive market

 China's, the world's largest, is struggling with a capacity glut and slowing demand that have sparked a sharp price war. That didn't stop Xiaomi CEO Lei Jun from outlining big ambitions. "By working hard over the next 15 to 20 years, we will become one of the top 5 automakers in the world, striving to lift the overall automobile industry in China," he said.

Those plans include building "a dream car comparable to Porsche and Tesla," he added. The SU7 is also expected to attract customers due to the common operating system with Xiaomi's popular phones and other electronic devices. Its executives will have seamless access to the company's existing portfolio of mobile apps. The SU7 will come in two versions – one with a range of up to 668 km on a single charge and another with a range of up to 800 km. For comparison, Tesla's Model S has a range of up to 650 km. The price has not yet been announced. Lei said that the cost "would be really a bit high, but what it will have everyone will think is justified".

Amid one of China's coldest Decembers on record, SU7 was also positioning itself to appeal to winter-worried consumers. Lei said it has fast charging capabilities in low temperatures and is equipped with advanced technology that allows it to recognize obstacles in challenging conditions such as falling snow. The autonomous driving capabilities of Xiaomi cars will be at the top of the industry, he also said. Lei's ambitions failed to boost Xiaomi's share price, however, with the company's Hong Kong-listed shares giving up earlier gains to end 0.3% lower.

China's fifth-largest smartphone maker has sought to diversify beyond its core EV business amid stagnant smartphone demand, a plan it first unveiled in 2021. Other companies Chinese tech companies that have partnered with automakers to develop electric vehicles include telecommunications giant Huawei and search engine firm Baidu.

Xiaomi has pledged to invest $10 billion in the cars over a decade and is one of the few new players in China's electric vehicle market to win approval from authorities that have been reluctant to add to the supply glut. Its cars will be produced by a unit of state-owned automaker BAIC Group at a plant in Beijing with an annual capacity of 200,000 vehicles. In an extremely crowded Chinese electric vehicle market, its biggest competition is likely to come from BYD which owns a third of the shares while Tesla has 9%, according to third quarter figures from Zheshang Securities.


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