China tech giant Xiaomi starts electric car sales.

Introduction:

Chinese technology giant Xiaomi has made its grand entry into the competitive automotive industry by venturing into electric vehicle (EV) sales. The company recently announced that it will begin deliveries of its first-ever electric car, the Speed Ultra 7 (SU7), this month.

The Arrival of the SU7

The SU7 is Xiaomi’s ambitious foray into the world of electric mobility. Here are the key details:

1. Delivery Timeline: Xiaomi plans to start delivering the SU7 to customers this month, marking a significant milestone in its automotive journey1.
2. Price Announcement: The official price of the SU7 is eagerly awaited and is scheduled to be revealed on March 28.
3. Retail Presence: With 59 stores spread across 29 cities in China, Xiaomi aims to make the SU7 accessible to potential buyers nationwide.
4. Technology and Performance: At the SU7’s unveiling last year, Xiaomi’s CEO, Lei Jun, emphasized its cutting-edge features. The car boasts “super electric motor” technology, enabling acceleration that rivals even Tesla and Porsche electric vehicles.
5. Shared Ecosystem: Xiaomi’s strategy extends beyond just the car itself. The SU7 will share an operating system with Xiaomi’s smartphones and other devices, creating a seamless ecosystem for existing Xiaomi customers.

The Competitive Landscape

Xiaomi enters the electric car market at a time when fierce competition prevails. Here’s what’s happening:

1. Price Wars: In China, where the EV market is booming, companies like BYD and Tesla are engaged in a cutthroat price war. Tesla has significantly reduced its car prices in response to local rivals’ aggressive pricing strategies.
2. Regulatory Approval: Xiaomi is among the select few new entrants to receive regulatory approval in China’s electric car sector. Authorities are keen on managing the influx of players while ensuring quality and safety standards.
3. Manufacturing Partner: The SU7 will be manufactured by a unit of state-owned carmaker BAIC Group at a Beijing plant capable of producing up to 200,000 vehicles annually.

Xiaomi’s Vision:

Xiaomi’s bold move into the electric car space aligns with its long-term vision. Lei Jun has expressed the company’s ambition to become one of the top five car manufacturers globally. To achieve this, Xiaomi plans to invest a whopping $10 billion in its vehicles business over the next decade.

As the SU7 hits the roads, all eyes are on Xiaomi. Will it disrupt the status quo and redefine the electric car landscape? Only time will tell, but one thing is certain: The race for dominance in China’s EV market is more intense than ever.