China's Xiaomi, Tesla's New Rival, Unveils Its First EV as It Aims to Be One of the World's Top 5 Automakers

By Jace Dela Cruz

Dec 29, 2023 03:54 AM EST

Chinese tech giant Xiaomi unveiled its first EV model, the SU7, on Thursday, when it detailed plans to enter the competitive electric vehicle (EV) market and challenge industry leaders such as Tesla and Porsche. 

Xiaomi SU7

According to CNBC, Xiaomi claimed it has invested over 10 billion yuan ($1.4 billion) in developing this electric sedan, which is currently in trial production and expected to be available in the domestic market in a few months.

During a three-hour presentation on Thursday, Xiaomi CEO Lei Jun shared insights into the new EV, saying the acceleration and other metrics of the Xiaomi SU7 surpass Porsche's Taycan and Tesla's Model S. 

He positioned the SU7 as a high-performance tech ecosystem sedan integrated with Xiaomi's smartphones and internet-connected home appliances but also compatible with Apple's iPhone, iPad, CarPlay, and AirPlay. 

Lei also highlighted the company's bold ambitions to become an industry leader, including in autonomous driving.

"By working hard over the next 15 to 20 years, we will become one of the world's top five automakers, striving to lift China's overall automobile industry," he noted at the unveiling, as Reuters reported.

READ ALSO: US to Prevent China From Supplying Battery Materials for EVs Set to Receive Billions in Tax Credits 

'Speed Ultra' of Xiaomi SU7

Lei explained that the SU in Xiaomi SU7 stands for "Speed Ultra," indicating the sedan's performance-oriented design. He noted that the Xiaomi SU7 is also for consumers worried about winter, as it has fast-charging capabilities in low temperatures and is equipped with advanced tech that recognizes challenging conditions, such as falling snow.

He said the SU7 is not only designed to compete with specific rivals but also to fulfill diverse customer aspirations based on extensive user research.

"The Xiaomi SU7 is in trial production and it will hit the domestic market in a few months. The price has not been finalized yet, but we promise it will exceed your expectations," Li said in an X post. 

Reuters reported that the Xiaomi EVs will be produced by a unit of state-owned automaker BAIC Motor in a Beijing factory with a capacity of 200,000 vehicles yearly.

READ MORE: AeonCharge: Revolutionizing the Electric Vehicle Charging Industry

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