Xiaomi, the globally renowned electronics powerhouse, is poised to step into the automotive industry with the imminent launch of its inaugural electric vehicle (EV) by the end of March, as confirmed by the company’s CEO, Lei Jun, on Tuesday.
Renowned for its innovative smartphones and an array of cutting-edge gadgets including tablets, smartwatches, headphones, and scooters, Xiaomi declared its intentions to venture into the EV market in 2021. The move comes amidst a fiercely competitive landscape within the Chinese automotive sector, driven by aggressive pricing strategies among leading domestic brands.
The much-anticipated Xiaomi SU7 is slated for an official debut on March 28, marking a significant milestone for the company’s diversification efforts. Sporting Xiaomi’s signature software and electronic features, the SU7 is manufactured in collaboration with Chinese auto giant BAIC. Notably, its advanced batteries, boasting an impressive driving range of up to 800 kilometers (500 miles), are supplied by top-tier electric automakers BYD and CATL.
Lei Jun, expressing Xiaomi’s ambitious aspirations, articulated a long-term vision of positioning the company among the world’s top five automotive manufacturers. This strategic move aligns with the broader trend of tech companies investing in China’s booming EV sector, leveraging the nation’s status as the largest automotive market globally, which has proven challenging for foreign competitors.
Established in 2010, Xiaomi has garnered widespread acclaim for its rapid expansion driven by a business model centered on offering high-quality products at accessible price points, initially through direct online channels. With its foray into the automotive domain, Xiaomi aims to further diversify its portfolio and solidify its position as a trailblazer in the realm of technology and innovation.
