BEIJING (AP) — Xiaomi, a well-known consumer electronics manufacturer in China, is joining the crowded electric car boom with a sporty-looking, high-tech sedan.
The company began taking orders in China through an app on Thursday night after its founder, Lei Jun, ended a more than two-hour presentation with the expected price announcement: from 215,900 to 299,000. 900 yuan (30 thousand to 40 thousand dollars).
Xiaomi said it received 50,000 orders for the SU7 in the first 27 minutes after the start of sales at 10 p.m. Beijing time (1400 GMT).
With government subsidies, China has become the world’s No. 1 market for electric vehicles, and a band of new manufacturers have embarked on fierce competition.
Xiaomi su7 EV-car
asmrcar. #chinacarexports #chinesecar pic.twitter.com/UYYHltqxNS— China Perspective (@China_Fact) March 29, 2024
Most sales have been to the domestic market, but Chinese manufacturers are penetrating overseas markets with lower-priced models, meaning potential competition for European, Japanese and American manufacturers.
Chinese tech firm Xiaomi on Thursday night released its first self-developed new energy vehicle model SU7. #GLOBALink pic.twitter.com/gXj7IEFGsa
— Zhang Meifang (@CGMeifangZhang) March 29, 2024
Lei said bluntly that Beijing-based Xiaomi aims to become one of the world’s top five automakers in the next 15 to 20 years.
It’s hard to make cars, he said in a live-streamed presentation at an exhibition center, but he added that it’s nice to be successful.
The combined share of electric and hybrid vehicles in the Chinese market will be 42 to 45% this year, compared to 36% in 2023, according to Fitch Ratings. But the agency said in December that competition could affect automakers’ short-term market share and profitability.
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2024-04-04 11:47:08