Phone Maker Xiaomi Set to Compete With Tesla, Others With Electric Vehicle Release
- Chinese smartphone manufacturer Xiaomi revealed its official plans to launch its highly anticipated electric car
- The company asserted in a social media update that the vehicle would be delivered as soon as it is launched
- However, it would take at least another two to three years before the vehicle becomes available overseas
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology and the stock market.
Xiaomi, the renowned Chinese smartphone manufacturer, has revealed plans to debut its highly anticipated electric vehicle on March 28, 2024.
This move marks the company's bold entry into the globe's largest automotive market amidst intense price competition after making a statement in the global smartphone market.
Source: UGC
Via a Weibo announcement, Xiaomi disclosed that orders for its new Speed Ultra 7 (SU7) sedan will be accepted at 59 stores across 29 cities nationwide.
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A grand launch event is slated for March 28, during which the pricing details of the new electric vehicle are anticipated to be unveiled to the public.
Xiaomi's SU7 to join ranks of Tesla
During the debut of the SU7 in December, CEO Lei Jun articulated Xiaomi's ambition to ascend to the ranks of the world's leading five automakers.
Lei highlighted the SUV's advanced "super electric motor" technology, boasting acceleration surpassing that of Tesla's (TSLA.O) and Porsche's electric vehicles.
According to Reuters, analysts anticipate that the car's integrated operating system, aligning with Xiaomi's popular phones and electronic devices, will resonate strongly with the company's current customer base.
Lei Jun said in a Weibo post:
"Xiaomi's cars are going from zero to one in a very different growth stage and facing very different user expectations compared to when Xiaomi's smartphones went from zero to one 14 years ago.
"Xiaomi's cars need to be different, and the most important aspect is smart technology."
Xiaomi President Weibing Lu told CNBC the company that even though the car would be unveiled this month, it's expected to take at least another two to three years before the vehicle becomes available for sale overseas.
From phones to electric vehicles
In response to the plateauing demand for smartphones, Xiaomi has been actively pursuing diversification into electric vehicles (EVs), a strategic shift it initially announced in 2021.
Collaborating with a subsidiary of the state-owned automaker BAIC Group, Xiaomi's cars will be manufactured at a Beijing facility with an annual capacity of 200,000 vehicles.
Demonstrating its commitment to the automotive sector, the smartphone giant has committed to investing $10 billion over a decade.
Xiaomi has garnered approval from authorities in China's EV market, distinguishing itself as one of the few new entrants amidst oversupply concerns.
According to reports, BYD, a Chinese brand, is strongly competing with Tesla, founded by Elon Musk, in the global electric vehicle market in terms of sales.
Obi Cubana launches electric car-hailing service
In related news, Legit.ng reported that Obi Cubana introduced Enviable Transport, an e-hailing transportation service, within Abuja, the nation's capital.
This closely follows Enviable Transport's expansion of its fleet with the acquisition of over one hundred hybrid electric vehicles (EVs).
The development comes as the company announced its collaboration with CIG Motors, the proprietors of GAC Motors & WULING EV.
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Source: Legit.ng
