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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