From Time Inc.:

Elon Musk predicts that nine Chinese car companies will be in the top 10 global car companies with Tesla. He also mentions the possibility of a Chinese smartphone maker achieving the same. On Thursday, Xiaomi, the smartphone giant, launched its new EV, Xiaomi SU7, with plans to join the top five automakers worldwide in the next 10 to 15 years.

Xiaomi’s new electric vehicle, the SU7, will integrate an operating system with the company’s phones and other devices and is expected to have a range of up to 500 miles on a single charge and a top speed of about 165 miles per hour. Xiaomi faces stiff competition, mainly from BYD and Tesla, which have been engaged in intense price wars this year in China. Xiaomi’s CEO hasn’t revealed its price yet but mentioned it would be “a bit high.”



Read more: Xiaomi unveils first EV and vows to be a top 5 automaker