Xiaomi’s co-founder, Lei Jun, with an entrepreneurial spirit that echoes his smartphone revolution, showcased Xiaomi Corp.’s maiden electric vehicle, the SU7, in a spectacular event at the China National Convention Center. With aspirations loftier than the skies, Lei aims to transform Xiaomi into a global automotive giant, challenging the likes of Tesla Inc. and Porsche AG.
The Spectacle Unveiled: SU7’s Marvels
This cutting-edge electric sedan, christened SU7, short for Speed Ultra, emerged sans visible drivers, capturing the attention of thousands. Lei Jun passionately delineated its impressive traits: an astonishing range of 800 kilometers on a single charge, customizable spoilers, an array of distinctive hues, and a staggering top speed of 265 kilometers per hour.
Powering Ahead: Under the Hood of SU7
This five-seater marvel will draw its power from the batteries crafted by industry leaders such as Contemporary Amperex Technology Co. Ltd. and BYD Co., contingent upon whether it houses a single or dual motor configuration.
Xiaomi’s $10 Billion Gamble
Lei Jun places a monumental $10 billion wager, betting that Xiaomi can revolutionize the transport sector akin to its smartphone dominance a decade ago. Describing it as his ultimate entrepreneurial venture, Lei envisions crafting a dream car rivaling the prowess of Porsche and Tesla.
However, since announcing its electric vehicle plans in 2021, Xiaomi faces a transformed regulatory landscape and heightened competition in China, the world’s largest automotive market. Partnering with Beijing Automotive Group Co., Xiaomi grapples with Beijing’s restricted manufacturing permits for new market players.
The Competitive Frontier
Amidst a market boasting hundreds of models from various brands, the SU7 endeavors to rival the performance of Porsche’s Taycan Turbo and the technological innovations of Tesla’s Model S. Positioned within the medium price bracket of 200,000 yuan to 300,000 yuan, its actual pricing remains undisclosed.
Lei Jun’s Commitment to Excellence
Undeterred by challenges, Lei emphasizes Xiaomi’s dedication to offering unparalleled technology and performance, targeting consumers inclined towards innovation and refined taste.
The Road Ahead
Scheduled for launch next year, the SU7 promises acceleration from 0 to 100 kph in a mere 2.78 seconds, boasting a motor spinning at 21,000 revolutions per minute, surpassing the Model S and Taycan Turbo in this aspect.
Xiaomi’s Steer into Uncharted Waters
Once famed for budget smartphones, Xiaomi ventures into an intensely competitive market, challenging not only established EV manufacturers like Tesla and Porsche but also newcomers like Huawei Technologies Co.
Lei Jun’s Unwavering Stand
Lei Jun maintains that Xiaomi won’t engage in price wars to establish its vehicle but instead focuses on attracting technology enthusiasts and performance aficionados.
Acknowledging rivals as trailblazers in China’s new energy vehicle industry, Lei Jun extends tribute to companies like BYD, XPeng Inc., Li Auto Inc., and Huawei, fostering an environment of camaraderie amidst competition.