Chinese smartphone maker plans to become one of world's top vehicle manufacturers
28 December 2023 - 09:55
byReuters
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Xiaomi founder and CEO Lei Jun speaks at an event on the company's first electric vehicle, the SU7, in Beijing, China on December 28 2023. Picture: REUTERS/FLORENCE LO
Beijing — Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle (EV) on Thursday and promptly announced it was aiming to become one of world's top five vehicle makers.
The sedan, dubbed the SU7, is a highly anticipated model that is expected to make the most of its shared operating system with the company's popular phones.
But the car is making its debut at a time when the world's largest vehicle market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.
That didn't stop Xiaomi CEO Lei Jun outlining big ambitions that include building “a dream car comparable to Porsche and Tesla”.
“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,” Lei said at the event.
Xiaomi CEO Lei Jun gestures at an image of the company's SU7 electric vehicle. Picture: REUTERS/FLORENCE LO
Like several other tech firms, Xiaomi has been seeking to diversify beyond its core business to EVs — a plan it first flagged in 2021.
It has pledged to invest $10bn in cars over a decade and is one of the few new players in China's EV market as authorities have been reluctant to add to the supply glut.
At the launch event in Beijing, Lei said the autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry.
The Xiaomi-branded cars will be produced by a unit of state-owned vehicle maker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
China's Xiaomi unveils its first electric car
Chinese smartphone maker plans to become one of world's top vehicle manufacturers
Beijing — Chinese smartphone maker Xiaomi took the wraps off its first electric vehicle (EV) on Thursday and promptly announced it was aiming to become one of world's top five vehicle makers.
The sedan, dubbed the SU7, is a highly anticipated model that is expected to make the most of its shared operating system with the company's popular phones.
But the car is making its debut at a time when the world's largest vehicle market is wrestling with a capacity glut and slowing demand that have stoked a bruising price war.
That didn't stop Xiaomi CEO Lei Jun outlining big ambitions that include building “a dream car comparable to Porsche and Tesla”.
“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,” Lei said at the event.
Like several other tech firms, Xiaomi has been seeking to diversify beyond its core business to EVs — a plan it first flagged in 2021.
It has pledged to invest $10bn in cars over a decade and is one of the few new players in China's EV market as authorities have been reluctant to add to the supply glut.
At the launch event in Beijing, Lei said the autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry.
The Xiaomi-branded cars will be produced by a unit of state-owned vehicle maker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.
Reuters
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