Xiaomi Unveils First Electric Car, Aiming to Rival Porsche and Tesla

Chinese tech giant Xiaomi has revealed its first electric car, the SU7 sedan, as part of its ambitious foray into the electric vehicle (EV) market. Xiaomi's move follows Huawei's recent launch of its Aito M9 SUV, highlighting the growing interest of Chinese tech companies in the electric car segment.

Xiaomi aims to position itself as a key player in the EV space and has committed to investing $10 billion over the next decade in a subsidiary focused on smart EVs. During the launch event, Xiaomi CEO Lei Jun expressed the company's aspiration to become one of the world's top five automakers within the next 15 to 20 years.

Lei acknowledged the difficulty of building a good car but stated that Xiaomi aimed to create "a dream car that is as good as Porsche and Tesla." He compared the performance statistics of Xiaomi's SU7 with Tesla's Model S and Porsche's Taycan Turbo, suggesting that Xiaomi's offering is on par with these established electric car models.

While Xiaomi did not disclose the SU7's price during the event, Lei hinted that it would be "a little bit high." The company appears to be targeting a premium market by positioning its electric car as a luxury product. Automotive industry commentator Mark Rainford praised Xiaomi's offering, noting its compelling features and potential success in the Chinese market.

Xiaomi's entry into the EV market adds to the competitive landscape in China, which boasts the world's largest auto market. The move aligns with the broader trend of Chinese tech companies venturing into electric vehicles, leveraging their expertise in technology and connectivity.

The unveiling of Xiaomi's SU7 comes in the same week as Huawei's launch of the Aito M9 SUV, emphasizing the intense competition within China's auto industry. Both Xiaomi and Huawei are looking to challenge established players like Tesla and Porsche, signaling the transformation of the global automotive sector with the rise of new entrants from the tech industry.