The latest bite out of the automotive sector by smart tech has been taken by Xiaomi, which has unveiled its first electric sedan, the SU7.
Two cars, a seamless experience
Setting its sights on Tesla and Porsche over the next twenty years, the smartphone and consumer electronics giant has launched two versions of the vehicle, set for release in 2024. They will share operating systems with Xiaomi’s popular phones and devices, integrating a suite of mobile apps and promising a seamless user experience.
Both versions promise extensive single charge driving ranges between 415 miles (668 kilometres) and 497 miles (800 kilometres), which Interesting Engineering notes beat “Tesla’s Model S [which] offers a range of up to 400 miles (650 kilometers).”
Other features highlighted were a so-called “speed ultra” or “super electric motor” capable of beating Tesla and Porsche for acceleration, as well as driver assistance technologies such as obstacle recognition, and fast charging at low temperatures.
A name in a crowded market
Destined for manufacture in a state-run BAIC Group Beijing plant with an annual capacity of 200,000 vehicles, Xiaomi’s ventures into automotive will have to compete with established competitors like BYD, which commands a one-third share of the Chinese EV market. Tesla’s share is 9%.
Though it is a crowded marketplace, the company, China’s fifth largest smartphone maker, can draw on name recognition among its established customer base. “Xiaomi is a well-established consumer electronics brand with hundreds of millions of ‘Mi Fans’, or members of its smart device ecosystem,” pointed out Bill Russo, CEO of Shanghai-based advisory firm Automobility. “As such, they have a significant opportunity to break through as the automobile becomes a smart device.”
“A dream car”
Laying down a $10 billion in its automotive division, the tech firm has declared its intention to do just that. “By working hard over the next 15 to 20 years, we will become one of the world’s top 5 automakers,” founder and CEO, Lei Jun, has said.
The company is positioning the vehicle at higher end of the market, and perhaps one day a potential rival to heritage brands. The price point would be “a bit high” said Lei Jun, but he promised that consumers would think it was “justified” as the company moved towards “a dream car comparable to Porsche and Tesla.”
After the big announcement however, Xiaomi’s share price ended the Hong Kong stock market day down by 0.3%.
