Xiaomi is preparing to launch a new electric vehicle model amid a price war
Xiaomi, the Chinese electronics giant, is expected to introduce its first electric car model, the Speed Ultra 7, later this month, marking a big milestone in its $10 billion investment ambition to move beyond the stagnating smartphone market.
Xiaomi, the well-known Chinese electronics firm, is preparing to unveil its first electric vehicle (EV), the Speed Ultra 7 (SU7), later this month. This announcement has caused ripples of excitement in both local and international markets.
Xiaomi, which has a strong presence in 29 cities across China, has announced that it would begin accepting orders for the SU7 at its 59 stores on March 28th, with delivery beginning on March 28th. A huge unveiling event is also planned for the same day, promising to reveal both the automobile and its price.
An important diversification strategy for Xiaomi, a firm known for its feature-rich yet reasonably priced smartphones, is its entry into the EV market. This action coincides with a plateau in the smartphone market, which has led Xiaomi to commit an astounding $10 billion over the next ten years to its electric vehicle (EV) projects.
Lei Jun, the CEO of Xiaomi, is leading this drive with an ambitious goal of ranking the firm among the top five automakers in the world. Jun claims the SU7 has a "super electric motor" that can outperform EVs made by Tesla and Porsche, promising state-of-the-art technology.
Xiaomi has partnered with a subsidiary of the state-owned BAIC Group to produce 200,000 automobiles per year at a factory in Beijing.
But not everyone is on board with Xiaomi's entry into the electric vehicle market. There are worries about how China's massively subsidized electric vehicles (EVs) would affect global markets. Western nations are concerned about possible disruptions to the industry. This worry has even led to an anti-subsidy probe into Chinese-made electric vehicles in Europe.
Meanwhile, Tesla is cutting costs in China, suggesting the start of tough rivalry with Chinese manufacturers such as BYD Auto.
As Xiaomi revs up its engines to enter the EV race, it's evident that the future of transportation is moving at electric speeds, and Xiaomi plans to be at the forefront of this change.
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Pic via Xiaomi