The Chinese company Xiaomi presented its first electric car and immediately announced its intention to become one of the top five car manufacturers in the world.
Called the SU7 (which stands for Speed Ultra), the sedan is a much-anticipated model that CEO Lei Jun has touted as a super-electric engine capable of accelerating faster than Tesla cars and Porsche electric cars.
The car is expected to go on sale in a few months, but it comes at a time when China's auto market, the world's largest, is grappling with overcapacity and falling demand that has sparked a fierce price war.
However, this did not stop Xiaomi CEO Lei Jun from ambitious plans.
“By working hard over the next 15 to 20 years, we will become one of the world's top five automakers as we strive to elevate our overall China auto industry,” he said during the launch.
Among the company's plans is to create a “dream car that will compete with Porsche and Tesla,” he added.
The SU7 is also expected to attract customers due to its shared operating system with Xiaomi's popular phones and other electronic devices. Drivers will have seamless access to the company's mobile applications.
SU7 will be presented in two versions – one with a range of up to 668 km on a single charge and another with a range of up to 800 km. For comparison, the Tesla Model S has a range of up to 650 km.
The price has not yet been announced. Ley said the cost “will be a bit high indeed, but one that everyone will find justifiable.”
Against the backdrop of one of the coldest Decembers in Chinese history, the SU7 is also positioned to appeal to consumers concerned about winter conditions. Lei said the car has fast charging capabilities in cold temperatures and is equipped with advanced technology that allows it to recognize obstacles in conditions such as falling snow.
Xiaomi has pledged to invest $10 billion in cars over a decade and is one of the few new players in China's electric car market to receive approval from the authorities.