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HomeGeneralXiaomi SU7 Price Teased by CEO Lei Jun Ahead of Official Launch

Xiaomi SU7 Price Teased by CEO Lei Jun Ahead of Official Launch

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Summarize this content to 100 words Xiaomi’s CEO said on Monday his goal for the firm’s first electric vehicle was that it would be the “best looking, easiest to drive and smartest car” priced below CNY 500,000 (roughly Rs. 57,93,508), as the Chinese electronics maker gears up for orders this week.The company will on Thursday evening announce its official price range and start taking orders for the car, dubbed the SU7, with the SU short for Speed Ultra. CEO Lei Jun’s comments, made on his official Weibo account, mark the first time the company has confirmed the upper end of its price range.Anticipation for the car has been building up since Xiaomi unveiled the vehicle in December and announced it aimed to become one of the world’s top five automakers. Lei has touted it as having technology capable of delivering acceleration better than Tesla cars and Porsche’s EVs.Xiaomi stores in China also began displaying the car on Monday, with prospective customers and car bloggers lining up to get a close view of the “ocean blue” version. In addition, the company uploaded its “Xiaomi Car” app to Chinese app stores.The SU7 will come in two versions – one with a driving range of up to 668km (415 miles) on a single charge and another with a range of up to 800km. By comparison, Tesla’s Model S has a range of up to 650km.China’s fifth-largest smartphone maker has been seeking to diversify into EVs amid stagnating demand for smartphones – a plan it first flagged in 2021. Other Chinese tech companies that have partnered with automakers to develop EVs include telecoms giant Huawei HWT and search engine firm Baidu.Xiaomi has pledged to invest $10 billion¬†(roughly Rs. 83,500 crore) in autos over a decade and is one of the few new players in China’s EV market to gain approval from authorities, who have been reluctant to add to the supply glut.Its cars are being produced by a unit of state-owned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.¬© Thomson Reuters 2024Affiliate links may be automatically generated – see our ethics statement for details.

Xiaomi SU7 Price Teased by CEO Lei Jun Ahead of Official Launch

Xiaomi’s CEO Lei Jun has set the bar high for the company’s first foray into the electric vehicle market. His vision for the new EV is clear – it should be the “best looking, easiest to drive, and smartest car” priced below CNY 500,000 (roughly Rs. 57,93,508). This ambitious goal was revealed as the Chinese electronics giant gears up to start taking orders for the vehicle this week.

The upcoming electric vehicle, named the SU7, is set to make waves in the industry. Lei Jun made the announcement regarding the price range on his official Weibo account, giving potential customers a glimpse of what to expect. The SU in SU7 stands for Speed Ultra, hinting at the vehicle’s performance capabilities.

Since Xiaomi first unveiled its plans for the electric vehicle back in December, anticipation has been steadily building. The company aims to carve out a space for itself among the world’s top five automakers, with a focus on cutting-edge technology and innovation. Lei Jun has boldly claimed that the new car will offer acceleration on par with Tesla and Porsche’s electric vehicles.

To give customers a closer look at the SU7, Xiaomi has started showcasing the car at its stores in China. Prospective buyers and car enthusiasts alike have been flocking to get a glimpse of the sleek “ocean blue” version. In addition, Xiaomi has launched its “Xiaomi Car” app on Chinese app stores, adding to the excitement surrounding the new vehicle.

The SU7 will be available in two versions, each offering impressive driving ranges on a single charge. One variant can go up to 668km (415 miles), while the other boasts a range of up to 800km. This puts Xiaomi’s offering in direct competition with established players like Tesla, whose Model S has a range of up to 650km.

As a major player in the smartphone industry, Xiaomi has been looking to diversify its portfolio and venture into the electric vehicle market. The move comes as smartphone sales begin to plateau, prompting the company to explore new avenues for growth. Xiaomi first hinted at its EV plans in 2021 and has since been making significant strides in the industry.

Other Chinese tech companies, such as Huawei and Baidu, have also ventured into the EV space through partnerships with established automakers. Xiaomi, however, has taken a different approach by investing heavily in its own EV production capabilities. The company has committed to investing $10 billion (roughly Rs. 83,500 crore) in the auto sector over the next decade, signaling its long-term commitment to the market.

Xiaomi’s electric vehicles are being produced in collaboration with a unit of state-owned automaker BAIC Group at a factory in Beijing. The facility has an annual production capacity of 200,000 vehicles, showcasing Xiaomi’s commitment to scaling up its EV operations on a large scale. This move has been well-received by authorities, who have been cautious about adding to the supply glut in the EV market.

Overall, Xiaomi’s entry into the electric vehicle market signifies a significant milestone for the company. With its sights set on delivering a high-quality, technologically advanced EV at an affordable price point, Xiaomi is poised to make a splash in the industry. The official price range for the SU7 will be announced on Thursday, marking the beginning of a new chapter in Xiaomi’s journey towards becoming a major player in the automotive sector.

© Thomson Reuters 2024

(Affiliate links may be automatically generated – see our ethics statement for details.)

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