Xiaomi launches electric car amidst fierce competition in China

Xiaomi new EV: Xiaomi, known for its consumer electronics, has entered China's electric car market with the SU7 sedan. Priced competitively at 215,900 yuan to 299,900 yuan, Xiaomi received 50,000 orders within 27 minutes of sales opening via an app.

The company aims to be one of the world's top five automakers in the next 15 to 20 years. Despite fierce competition, Xiaomi plans to leverage its technology ecosystem, integrating cars with phones and home appliances.

The SU7 boasts smart features like interacting with delivery people and is compatible with both Apple and Xiaomi phones. While Xiaomi expects losses initially due to pricing, it aims to sell 60,000 vehicles in its first year.

However, Chinese automakers face challenges abroad. The EU and US are investigating Chinese EV subsidies and connected cars for potential unfair practices and national security risks. China filed a WTO complaint against US EV subsidies.

Xiaomi's foray into electric vehicles represents its commitment to innovation and diversification. As it navigates the competitive EV landscape, Xiaomi's success will depend on its ability to adapt and integrate its technology prowess into the automotive sector.

(with PTI inputs)