Xiaomi's first EV, the SU7, to launch in Q2 2024
What's the story
Chinese tech giant Xiaomi is gearing up to launch its flagship electric vehicle (EV), the SU7, in Q2 2024. With over 20 million current phone users, Xiaomi anticipates a significant number of them will consider buying the EV. Xiaomi Group President Weibing Lu is confident that customers will be willing to pay a premium for the SU7, although official pricing remains undisclosed.
Entering new market
Xiaomi's EV development has progressed faster than anticipated
In 2021, Xiaomi Automobile was established in China. The company's EV development has progressed faster than anticipated, with production initially planned for mid-2024. Known for its diverse electronic products, Xiaomi entered the EV market with the new-age electric sedan, the SU7, after experiencing a decline in smartphone sales. The SU7 was officially unveiled as a rival to Porsche and Tesla in December 2023.
Investment
Xiaomi has invested $10 billion in SU7's development
Xiaomi has invested $10 billion in the SU7's development so far. The EV's operating system leverages Xiaomi's Internet of Things (IoT) expertise, connecting the car to other electronics like smartphones and home appliances. This integrated system is a major selling point for the vehicle. The car will boast an 800V platform and a massive 101kWh battery, with other specifications yet to be announced.
Tech giants eyeing up car market
Huawei is making EVs while Apple has closed its project
As Xiaomi gets ready to enter the EV market, Apple has canceled its EV project to focus on AI. Meanwhile, Chinese electronics brand Huawei has created EVs in partnership with automaker Chery. On the other hand, EV manufacturers like NIO are expanding into smartphone development. This trend underscores the potential for software-defined vehicles and comprehensive systems connecting all IoT electronics in the future.