China technology giant Xiaomi starts electric car sales

Xiaomi, the Chinese technology powerhouse, is gearing up to deliver its inaugural electric vehicle (EV) this month, marking its entry into the fiercely competitive automotive industry. With the car’s price set to be unveiled on March 28th, Xiaomi boasts 59 stores across 29 cities nationwide to cater to orders. As the battleground intensifies with rivals like BYD and Tesla in China’s vast automotive market, Xiaomi aims high, striving to secure a spot among the top five global car manufacturers. Backed by substantial investment of $10 billion over the next decade, Xiaomi’s SU7 model promises cutting-edge “super electric motor” technology, rivaling acceleration capabilities of renowned brands like Tesla and Porsche. With an integrated operating system shared with its smartphones and devices, Xiaomi targets its existing customer base, banking on familiarity and convenience. Approved by authorities amidst efforts to regulate the influx of new players, Xiaomi’s SU7 will roll out from a state-of-the-art plant in Beijing under the auspices of BAIC Group, capable of churning out 200,000 vehicles annually. As the EV market in China witnesses a pricing war, Xiaomi’s bold move has already spurred a double-digit surge in its shares in Hong Kong, signaling an eager market reception.