Xiaomi is unveiling the new SU7, an entirely electric car, at the Mobile World Congress in Barcelona, Spain, on March 8, 2024. Photo Credit: NurPhoto via Getty Images
EnvironmentTechnology ChinaSmartphone Giant Enters the Electric Car Market
A brand-new player has entered China’s electric car market, and it is none other than the country’s fifth-largest smartphone maker, with its first electric vehicles (EVs) ready by the end of March 2024.
Technology giant Xiaomi’s Speed Ultra 7 – also known as SU7 – is a “super electric motor” technology capable of accelerating faster than some Tesla and Porsche EVs.
China is the world’s biggest car market, and in the hopes of becoming one of the top five car makers in the world, Xiaomi is ready to invest $10 billion in its vehicle business over the next ten years. With 59 stores in 29 cities nationwide, the smartphone giant is looking for vehicles to share its phones’ operating system to appeal to existing customers. Xiaomi Automobile is one of the few prospective entrants to China’s electric car market that has been approved by the authorities. State-owned car manufacturer BAIC Group’s Beijing plant can produce as many as 200,000 SU7 annually.
