Xiaomi is preparing for the launch of the SU7 electric car in 2024, investing $10 billion.
CEO and Tesla in performance and technology.
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The SU7 will be powered by batteries from Chinese companies Contemporary Amperex Technology and BYD. However, Xiaomi faces challenges in China, where there are restrictions on manufacturing permits and a requirement to work with state-owned Beijing Automotive Group. CEO Lei Jun says the goal is a “dream” car, on par with Porsche and Tesla.
The SU7 is aimed at the high-end segment, competing with Model S and Porsche's Taycan Turbo. China's electric car market is booming, with Lei Jun describing his project as his "latest business epic."
Xiaomi has not yet announced the price of the SU7.
According to Xiaomi CEO Lei Jun, the SU7 will feature a 21,000-rpm motor, surpassing the Model S and Taycan Turbo. Xiaomi is using technology in its factory, led by Tesla-inspired hypercasting.
In contrast, Tesla is struggling with Model S sales in China, with fewer than 200 sold after the model's 2023 facelift. In contrast, Porsche has delivered about 3,600 Taycan in the country in the same year, according to the China Automotive Technology and Research Center.
Xiaomi recognizes and appreciates competition, while XPeng CEO welcomes the company to the electric vehicle space.
See more: Xiaomi: The first clamshell phone will be released in 2024
Overall, Xiaomi is dynamically entering the electric vehicle market with ambitious plans for the future, while Tesla faces challenges in the Chinese market.
Source: straitstimes.com
