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Xiaomi presents first electric car that boasts to surpass Tesla, Porsche models

Xiaomi presents first electric car that boasts to surpass Tesla, Porsche models Xiaomi presents first electric car (Getty Images)

Xiaomi, a Chinese smartphone manufacturer known for its low-budget devices, presented its first electric car on Thursday. A model named Xiaomi SU7 was developed for $1.4 billion (10 billion yuan), aiming to compete with the largest electrical vehicles producers like Tesla and Porsche, according to Reuters and CNBC.

The eagerly awaited sedan, the SU model that stands for Speed Ultra, boasts a groundbreaking "super electric motor" technology, rivaling acceleration speeds surpassing both Tesla's Model S and Porsche's Taycan electric vehicles, according to Xiaomi CEO Lei Jun.

The model “is in trial production and it will hit the domestic market in a few months,” he wrote on X. “The price has not been finalized yet.”

Lei further added at the unveiling that the cost would "indeed be a bit high, but one that will have everyone will think is justified."

Xiaomi presents first electric car that boasts to surpass Tesla, Porsche modelsXiaomi CEO Lei Jun (Getty Images)

At the presentation, Lei Jun articulated ambitious goals, stating, "By working hard over the next 15 to 20 years, we will become one of the world's top 5 automakers, striving to lift China's overall automobile industry."

The SU7 is anticipated to appeal not only for its advanced electric capabilities but also for its integration with Xiaomi's popular phones and electronic devices, sharing an operating system and stimulating buyers to use the company's features.

Xiaomi presentation of its first electric car (Reuters)

Car sales are set to start in 2024 after more than three years of work, coming at a time when electric vehicles are gaining popularity in China's competitive auto market. The SU7 will be available in two versions, offering driving ranges of up to 668 km (415 miles) and 800 km on a single charge, surpassing the range of Tesla's Model S at 650 km.

Addressing concerns about winter conditions, Xiaomi positioned the SU7 as a viable option, featuring fast-charging capabilities in low temperatures and advanced technology for obstacle recognition in challenging conditions, such as falling snow. Lei stressed that Xiaomi's autonomous driving capabilities would be at the forefront of the industry.

Xiaomi company

Xiaomi, the fifth-largest smartphone maker in China, has been strategically diversifying into the electric vehicle market to counteract slowing smartphone demand, a move initiated in 2021. Xiaomi has committed to investing $10 billion in the automotive sector over a decade and stands out as one of the few new entrants in China's electric vehicle market to receive approval from authorities. Production of Xiaomi's cars will be handled by a Beijing factory with an annual capacity of 200,000 vehicles.

Tesla recent releases

Elon Musk's Tesla company is Xiaomi's closest counterpart on the market, although it has only 9% of Chinese demand. In December, Tesla officially started the first deliveries of the Cybertruck and announced that the price for the base model of its electric pickup would start at $60,990. It also presented Cybertruck for Kids, priced at $1,500, which offers an affordable option for young fans.