China’s Xiaomi joins the crowded EV race with ‘dream car’ to take on Tesla

Xiaomi formally launched its much-anticipated electric car — the new Speed Ultra 7 sedan — on Thursday night in Beijing. Lei Jun, founder and CEO of the popular Chinese smartphone brand, teased the launch earlier this week by saying he wanted the company’s first electric vehicle to be the “best-looking, easiest to drive, and smartest car” priced below 500,000 yuan . “Xiaomi wants to build a ‘dream car’ comparable to Porsche and Tesla,” he said on Weibo Wednesday.

The biggest player in the industry, BYD, said earlier this week that its quarterly profit growth was the slowest in two years, as sales lost momentum. Xiaomi’s SU7 has been on display in showrooms in 29 cities across mainland China since Monday, according to Lei. Xiaomi, which made its name as manufacturer of smartphones and other consumer electronics, accounted for 13% of both global and Chinese smartphone sales in the last quarter of 2023, according to data from Counterpoint Research.

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Xiaomi to Launch Electric Vehicle to Compete with Tesla in ChinaXiaomi is entering the auto sector with its first-ever electric vehicle (EV), the Speed Ultra 7 (SU7), which boasts a range of up to 497 miles and can accelerate faster than some Tesla and Porsche EVs. Deliveries of the SU7 will begin on March 28.
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Xiaomi releases electric car $4K cheaper than Tesla's Model 3 as price wars heat upChinese smartphone company Xiaomi said Thursday it will sell its first car for far less than Tesla's Model 3, as price wars heat up in China's fiercely competitive electric car market.
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