The CEO of Xiaomi, Lei Jun, announced this Monday (25) the launch of the Chinese company’s first electric car, the vehicle promises to arrive at a price lower than US$69,328 with the aim of competing with market giants such as Tesla , BYD and others.
Plans for launching the car
“The goal of the Xiaomi SU7 is to be the best-looking, best-driving and smartest sedan for less than 500,000 yuan ($69,328)”said Lei. The CEO also announced that the car is on display in Xiaomi stores in 29 different cities in China and that test drives will begin next Thursday (28).
Xiaomi is popularly known as a smartphone and electronics company, however, the company announced plans in 2021 to enter the electric vehicle race. Three years after the announcement, the company faces a completely different electric car market, now with much greater potential for expansion and development and with fierce competition.
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Rear of the Xiaomi electric car (Photo: reproduction/Xavi Torrent/Getty Images Embed)
Market situation
The electric vehicle market is in a tight spot due to a price war triggered by Tesla in late 2022. This price competition has forced other electric car companies to reduce their prices in order to stimulate demand and remain competitive in the market.
The big bet on Xiaomi’s electric vehicles comes from a vision of the company’s CEO. “Three years ago, I announced that Xiaomi would enter the electric vehicle market. This is my latest venture, I am putting my reputation on the line to fight for a vision I deeply believe in.”said Lei. The price will be one of the key points for Xiaomi’s insertion in this very competitive market, in which the company does not yet have much experience.
Featured photo: New electric car from Xiaomi (Reproduction/Xavi Torrent/Getty Images)
