Smartphone-maker Xiaomi strides into electric vehicle market ...

Chinese smartphone maker Xiaomi Corp. on Thursday (Dec. 28) unveiled its first electric car, Xiaomi SU7, and announced its ambition of becoming a top global carmaker in the next 15 to 20 years taking on rivals like Tesla and Porsche AG.

The five-seater sedan, Xiaomi SU7 stands for Xiaomi Speed Ultra and comes in two versions: SU7 and SU7 Max. The Xiaomi SU7 has a range of 668 km whereas SU7 Max comes with a range of 800km. In terms of battery, Xiaomi SU7 has a 101kWh CATL cell with 800-volt hypercharge which offer up to 220km range in five minutes of charge and 510 km range in 15 minutes of charge.

"By working hard over the next 15 to 20 years, we will become one of the world's top 5 automakers, striving to lift China's overall automobile industry," said Lei Jun, Founder & Chairman, and CEO of Xiaomi at the unveiling.

Those plans include building "a dream car comparable to Porsche and Tesla," Jun added. 

Xiaomi commenced its smart electric vehicle business in March 2021 and announced its business will be operated under Xiaomi's wholly-owned subsidiary with an initial investment of RMB 10 billion.

Reports point out that Xiaomi cars will be produced by a unit of state-owned automaker BAIC (Beijing Automotive Industrial Holding Co Ltd) in a Beijing factory with an annual capacity of 200,000 vehicles.

While Xiaomi has not yet said how much the newly launched SU7 will cost, its deliveries are expected to begin next year.