Smartphone maker Xiaomi will begin deliveries of its first electric vehicle later this month, becoming the latest Chinese firm to dive into the highly competitive market.
Xiaomi said in a Weibo post on Tuesday that its Speed Ultra 7 sedan would be released this month, with a launch scheduled on March 28.
Xiaomi SU7 New Electro Car Electric Vehicle 2024 pic.twitter.com/1p9k8PAznU
— NlD (@atanasova_27053) March 6, 2024
Orders for the vehicle will be taken at 59 of its stores in 29 cities around the world, the firm, which is China’s fifth largest smartphone maker, added.
Xiaomi chief executive Lei Jun previously said the firm was aiming to sit among the world’s top five automakers, with Chinese rival BYD having taken over Tesla Inc (NASDAQ:TSLA, ETR:TL0) as the global market leader last year.
The SU7’s motor technology delivers faster acceleration than the likes of Tesla and Porsche AG (ETR:P911) models, Jun has said in the past.
Other Chinese firms, such as Geely and Nio have also contributed to heated competition in the global EV sector, which has seen sweeping price cuts since early last year as producers scrap for demand.
Xiaomi’s cars are set to operate with its phones and other devices, in a bid to further attract demand away from existing suppliers.