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Xiaomi’s all set to make some serious waves in the electric vehicle (EV) market with the launch of its first model, the SU7, in China this month. This move shows the tech giant diving headfirst into the auto industry amidst some fierce price competition.
The SU7, unveiled back in December, comes packed with cutting-edge technology, promising acceleration speeds that even beat out those of Tesla and Porsche EVs. Xiaomi’s planning to roll out the SU7 through its vast network of stores across 29 cities, and orders are set to kick off after a launch event on March 28th.
With China seeing an 18% surge in EV sales in the first two months of the year, Xiaomi’s aiming to grab a piece of that growing market pie. The SU7 comes in three flavors: the base model, SU7 Pro, and SU7 Max, each packing some impressive battery range and performance chops.
Join us in a few hours for the #XiaomiEVLaunch livestream. Get ready to witness the future of smart travel together! #DrivingForward pic.twitter.com/HDk6ypNtGO
— Xiaomi (@Xiaomi) March 28, 2024
Xiaomi’s CEO, Lei Jun, sees the company climbing up to be one of the top five automakers globally. Leveraging its expertise in smartphones and electronics, Xiaomi’s aiming to pull in its existing customer base to its EV lineup.
The SU7 looks set to be a pretty attractive option in the EV market, with prices expected to sit below 500,000 yuan ($70,000). This bold pricing strategy aims to catch the eye of a wide range of consumers and shake things up in the auto industry.
As part of its EV game plan, Xiaomi’s thrown down a hefty $10 billion investment over the next decade. Teaming up with BAIC Group, the company’s aiming to churn out 200,000 vehicles a year in a Beijing factory.
So, in a nutshell, Xiaomi’s plunge into the EV market with the SU7 is a major milestone for the tech giant. With its fancy features, competitive pricing, and big dreams, Xiaomi’s looking to make a real dent in the ever-changing automotive world.
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