The billionaire co-founder of Xiaomi Corp on Thursday introduced the company’s first electric vehicle. Xiaomi has set a target of becoming the top global car in the next 15 to 20 years. Besides, the company is also aiming to compete with Tesla and Porsche AG. The name of this vehicle is SU7. It has SU Speed Ultra.
Batteries of Contemporary Amperex Technology Company Limited and BYD Company will be used in this car.
Company is going to make a bet of 10 billion dollars
Xiaomi’s entry into electric vehicles is a bet of $10 billion by the company’s CEO and co-founder Lei Jun. This can bring big changes in the transport sector. Lei has described this step as his last bet.
The company had announced its plans regarding electric vehicles for the first time in 2021. But since that time, there has been a big change in China, the world’s largest car market.
The Chinese government has set a limit for granting manufacturing permits to new companies. This means that Xiaomi will have to enter into an agreement with the government automotive group company to make electric vehicles. In China, the government used to give reimbursement of 60,000 yuan ($8,440) to electric customers.
SU7 price not announced
This scheme ended in 2022. Lei said at a launch event on Thursday that Xiaomi’s goal is to make a dream car that is as good as Porsche and Tesla. He said this during the launch event of the car. This event took place in the National Convention Center of China in which thousands of people participated.
Earlier, Lei had said that the company wants the SU7 to compete with Porsche’s Taycan Turbo in terms of performance and Tesla’s Model S in terms of technology features. The price of Model S starts from 698,900 yuan and Taycan’s price starts from 898,000 yuan. Xiaomi has not yet given any information about the price of SU7.
