Chinese Smartphone Giant Xiaomi Unveils Its First EV

Chinese consumer electronics giant Xiaomi unveiled its first electric car model, the Speed Ultra 7 (SU7) at a launch event on Thursday, 28 December. Xiaomi also announced that it aims to become one of the world's top 5 automakers within the next 15 to 20 years.^[1]

At the pinnacle of performance, the ultimate driving experience is our starting point in crafting vehicles.#XiaomiEVTechnologyLaunch pic.twitter.com/tSBthJbZcn

— Xiaomi (@Xiaomi) December 28, 2023

Xiaomi founder and CEO Lei Jun is betting $10 billion that his business can revolutionize the transportation industry in the same way that its smartphones did a decade ago.

“Xiaomi’s goal is to make a dream car that is as good as Porsche and Tesla,” Mr Lei Jun said at the launch event, which was attended by thousands of people at the China National Convention Center. ^[2]

The price of the SU7 has not yet been announced.

Which #XiaomiSU7 color wins your first glance? Agua Blue, Mineral Gray, or Verdant Green? pic.twitter.com/I4ZBY200aK

— Lei Jun (@leijun) December 28, 2023

Depending on whether it has a single or twin motor configuration, the Chinese market leaders Contemporary Amperex Technology and BYD will supply the batteries for the SU7. The SU7's motor, which Lei claimed has 21,000 revolutions per minute--more than the Model S and Taycan Turbo--will be available for purchase next year.

Using gigacasting technology, which Tesla pioneered, Xiaomi's factory has developed a 9,100-ton machine that it refers to as hypercasting.

Since its founding in 2010, Xiaomi has grown quickly thanks to its strategy of selling expensive but high-quality smartphones directly to consumers online.