Chinese tech giant Xiaomi has announced that it will begin the deliveries of its first electric vehicle (EV) in China this month.
In an announcement on Weibo, the tech giant said that 59 of its stores in 29 cities across the country will take orders for its new Speed Ultra 7 (SU7) sedan. A launch event is scheduled for March 28, when the new EV’s price tag is expected to be made public.
China’s EV sales registered an 18% increase in January-February, which is not far from the 21% growth observed for the entirety of 2023.
During the current year, market leader BYD started a round of major price reductions in an attempt to attract consumers amid weaker domestic demand.
During the unveiling of the SU7 in December, Chief Executive Lei Jun announced Xiaomi’s plans to become one of the world’s top five automakers. He claimed that the SUV features “super electric motor” technology, which offers faster acceleration than Tesla’s and Porsche’s EVs.
According to analysts, the car’s shared operating system with Xiaomi’s popular phones and other electronic devices will appeal to the company’s existing customers.
“Xiaomi’s cars are going from zero to one in a very different growth stage and facing very different user expectations compared to when Xiaomi’s smartphones went from zero to one 14 years ago,” Lei said in a Weibo post on Tuesday.
“Xiaomi’s cars need to be different, and the most important aspect is smart technology.”
The cars will be manufactured by a subsidiary of the state-owned automaker BAIC Group in a factory located in Beijing with an annual capacity of 200,000 vehicles.
