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Chinese smartphone giant Xiaomi has made waves in the automotive industry with the launch of its first electric vehicle, the SU7.
With over 100,000 orders received and deliveries already underway, Xiaomi aims to revolutionize the smart car market, drawing comparisons to industry leader Tesla.
Xiaomi kickstarted its car venture by delivering the “Founder’s Edition” of the SU7, a limited batch of 5,000 vehicles equipped with additional accessories for early adopters.
CEO Lei Jun hailed the event as the beginning of a new era in smart mobility during a ceremony in Beijing.
Despite concerns about profitability, Xiaomi’s shares surged by 16% following the SU7’s launch, reflecting strong market interest.
However, analysts predict potential losses of nearly $10,000 per car for Xiaomi in its first year. The company’s valuation surpassed established U.S. automakers General Motors and Ford.
The SU7 enters a competitive Chinese EV market with a base model price tag under $30,000, undercutting rivals like Tesla’s Model 3.
Xiaomi’s expertise in smartphones and consumer electronics positions it favorably, especially in developing smart dashboards, a key feature for Chinese consumers.
While China’s EV market presents challenges such as fierce competition and slowing demand, Xiaomi’s substantial resources and technological prowess offer it a competitive edge.
The company’s bold entry into the auto industry fulfills Lei Jun’s ambition and signals a significant strategic shift for Xiaomi.
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