From NBCUniversal:

Chinese smartphone company Xiaomi unveiled the SU7 sedan, its first electric car, set to enter China’s competitive electric vehicle market. Xiaomi CEO Lei Jun stated the car would be in trial production and said it would be released in the domestic market in a few months. The price has not yet been announced. The high-speed car boasts top-tier accelerations and technologies, and sales are planned to begin in 2024.

The SU7 is integrated with Xiaomi’s smartphones and internet-connected home appliances. The car is designed to surpass U.S safety standards for rear-end collisions and is also compatible with Apple’s iPhones, iPads, CarPlay, and AirPlay, and with data privacy in mind. The car is described as purely battery-powered, with a driving range of 628 to 800 kilometers (390 to 497 miles).

Meanwhile, Xiaomi shares declined by 0.25% after its debut at the tech event. The stock closed at 40% higher so far this year. The company’s Hong Kong-traded shares are up more than 40% so far this year. The business claimed a record sales of more than $3 billion during Singles Day. Xiaomi has announced it expects to spend 20 billion yuan ($2.8 billion) on research and development this year, up by 25% from 2022.



Read more: China’s Xiaomi unveils first EV in bid to compete with Porsche, Tesla