From Phones to Fast Cars: Xiaomi First EV Launch on March 28

Xiaomi, renowned for its innovation in smartphones and technology, has set the stage for its debut in the electric vehicle (EV) arena. The much-anticipated delivery date announcement for its inaugural EV, the SU7 sedan, has triggered a surge in Xiaomi's shares, marking a significant milestone in its journey towards automotive excellence.

Xiaomi's Entry into Electric Vehicles

Xiaomi, the Chinese tech titan synonymous with smartphones, sent shockwaves through the market on Tuesday. They announced the official delivery date for their highly-anticipated first electric vehicle, the SU7.

This news sparked a surge in Xiaomi's stock price, reflecting the excitement surrounding their entry into the booming electric car market.

Three Years in the Making

Taking to social media platform Weibo, Xiaomi CEO Lei Jun announced March 28th, 2024, as the official launch date for the SU7. This marks the culmination of a three-year journey for Xiaomi since their initial foray into the electric vehicle industry.

"As we approach the 3rd anniversary of our EV-manufacturing adventure, 'Fight for Xiaomi EV' continues to fuel me and the team," Lei declared on Weibo. "We remain determined to make a great car!"

Price Unveiling at Launch Event

While the sleek four-door sedan was unveiled back in December 2023 at Xiaomi's annual tech conference, details on the SU7's price tag remain under wraps. The official sticker price will be revealed at the car's dedicated launch event scheduled for March 28th.

Joining the Chinese EV Fray

Xiaomi's entry into the electric vehicle market signifies another major player joining the ever-growing scene in China. The market is currently experiencing a price war, with established giants BYD and Tesla leading the charge. However, February 2024 saw a 12% year-over-year decline in retail sales for EVs and plug-in hybrids, potentially due to waning consumer demand and the recent Lunar New Year holiday.

Bold Claims and Big Investments

During the SU7's initial reveal, CEO Lei expressed ambitious goals for Xiaomi, aiming to become a top-five global automaker. He highlighted the SU7's potential, boasting "super electric motor" technology that would surpass the acceleration of Tesla and Porsche's current EV offerings.

Xiaomi has pledged a staggering $10 billion investment in car production over the next decade. Additionally, they secured crucial government approval in 2023, solidifying their position as one of the few new players to receive this green light in China's competitive EV market. Production for the SU7 will be handled by state-owned automaker BAIC Group at a Beijing facility equipped to churn out 200,000 EVs annually.