Chinese technology giant Xiaomi has revealed plans to kick off deliveries of its inaugural electric vehicle (EV) in China this month.
In a statement on Weibo, the company disclosed that 59 of its outlets across 29 cities nationwide will accept bookings for its new Speed Ultra 7 (SU7) sedan. A launch event is slated for March 28, during which the price of the new EV is anticipated to be unveiled.
The electric vehicle market in China saw an 18% surge in sales during January-February, closely following the 21% growth observed throughout 2023.
Market leader BYD initiated significant price reductions earlier this year in a bid to stimulate consumer interest amid a softer domestic demand.
During the SU7's unveiling in December, Chief Executive Lei Jun outlined Xiaomi's ambition to emerge as one of the globe's top five automakers. He touted the SUV's "super electric motor" technology, claiming it offers swifter acceleration than EVs from Tesla and Porsche.
Analysts note that the car's integrated operating system with Xiaomi's popular smartphones and other electronic gadgets is likely to attract the company's existing customer base.
"Xiaomi's foray into the automotive sector represents a new growth phase, encountering distinct user expectations compared to its smartphone journey 14 years ago," Lei remarked in a Weibo post on Tuesday. "Xiaomi's vehicles must distinguish themselves, with smart technology being the crucial aspect."
Manufacturing of the vehicles will be handled by a subsidiary of the state-owned automaker BAIC Group at a factory situated in Beijing with an annual production capacity of 200,000 units.
