BEIJING: Chinese electronics giant Xiaomi has unveiled its first electric vehicle model, with its boss declaring ambitions of becoming an international automotive powerhouse despite tough competition at home, western media reported on Thursday.
China-based Xiaomi, which is the fourth-largest smartphone manufacturer across the world, is also a main provider of smartwatches, tablets, electric scooters and headphones.
The firm announced in 2021 its planned foray into electric cars, joining a trend that has seen various major Chinese tech firms pivot towards the highly competitive field.
Xiaomi Unveils First Electric Vehicle: Report
Xiaomi head Lei Jun also took to the stage in Chinese capital Beijing Thursday to reveal the SU7, a sedan that is planned to enter the market by 2025.
The car model is integrated with Xiaomi software to enable functionality across the company’s range of instruments, and will be developed by local manufacturer BAIC.
Lei said that the target is to become one of the globe’s top 5 automotive manufacturers via 15 to 20 years of efforts.
Many top tech companies in China — the world’s major automotive market — have also invested recently in the country’s EV field, where foreign companies have struggled to take hold.
Founded in 2010, Chinese based Xiaomi has achieved fast growth via its strategy of marketing high-end instruments at affordable prices, which were firstly sold directly via online channels.