Xiaomi First EV SU7 Deliveries to Begin in China This Month

after this Xiaomi The stock was up by about seven percent during early trading. EV sales in China have increased by 18 percent in the first two months of this year. In the entire last year this growth was about 21 percent. BYD, one of China’s biggest EV companies, has drastically cut prices to attract customers amid weak demand. The company’s operating system will be provided in SU7. It was introduced in China. Challenges like excess capacity and weak demand are increasing in this world’s largest automobile market. Because of this, there is competition among automobile companies to reduce prices. Last year, Tesla had given huge discounts on the prices of its EV in China. It is facing tough competition from China’s big EV maker BYD.

Xiaomi’s chief executive, Lei Jun, had said that the company’s ambition is to make a car comparable to Porsche and Tesla. He had said, “With hard work in the next 15 to 20 years, we will be among the top five automobile companies in the global market. This will strengthen China’s automobile industry.” Three variants of this electric car – Xiaomi SU7, SU7 Pro and SU7 Ultra can be available with different ranges and features.

Many tech companies have planned to diversify their business. Apart from its smartphones, Xiaomi is also entering into segments like EV. The company plans to invest approximately $10 billion in a decade. Lei had said that the autonomous driving capability of Xiaomi cars will be leading in this industry. These cars will be manufactured in the Beijing factory of BAIC Group, which is owned by the Chinese government. The annual capacity of this factory is about two lakh vehicles.