Chinese language smartphone maker Xiaomi took the wraps off its first electrical car on Thursday and promptly introduced it was aiming to change into one in every of world’s prime 5 automakers.
The sedan, dubbed the SU7, is a extremely anticipated mannequin that’s anticipated to take advantage of its shared working system with the corporate’s fashionable telephones.
However the automobile is making its debut at a time when the world’s largest auto market is wrestling with a capability glut and slowing demand which have stoked a bruising worth warfare.
That did not cease Xiaomi Chief Government Lei Jun outlining huge ambitions that embrace constructing “a dream automobile similar to Porsche and Tesla”.
“By working arduous over the following 15 to twenty years, we’ll change into one of many world’s prime 5 automakers, striving to elevate China’s total car business,” Lei mentioned on the occasion.
Like a number of different tech companies, Xiaomi has been in search of to diversify past its core enterprise to EVs – a plan it first flagged in 2021.
It has pledged to take a position $10 billion (roughly Rs. 83,171 crore) in autos over a decade and is among the few new gamers in China’s EV market as authorities have been reluctant so as to add to the provision glut.
On the launch occasion in Beijing, Lei mentioned the autonomous driving capabilities of Xiaomi automobiles can be on the forefront of the business.
The Xiaomi-branded automobiles can be produced by a unit of state-owned automaker BAIC Group in a Beijing manufacturing facility with an annual capability of 200,000 automobiles.
© Thomson Reuters 2023