Chinese consumer electronics business Xiaomi unveiled plans to join the crowded electric vehicle industry in China on Thursday, with their car model - the Xiaomi SU7. The SU7 has taken Xiaomi more than 10 billion yuan ($1.4 billion) to create. On the X social media platform, CEO Lei Jun mentioned the model was in trial production and would enter the domestic market in a few months; though the final price has yet to be decided. Noteworthy aspects of the SU7 include that it is faster than Porsche’s Taycan and Tesla’s Model S according to Lei Jun during his extended presentation on Thursday.
Chinese consumer electronics company Xiaomi on Thursday unveiled its plans to enter China's saturated electric vehicle market and compete with Tesla and Porsche with its own car model that it has invested more than 10 billion yuan ($1.4 billion) in developing.Referred to as the Xiaomi SU7, CEO Lei Jun indicated that this model will soon be reaching the domestic market, although the exact price remains to be finalized.Additionally, Lei Jun mentioned at a three-hour presentation that the Xiaomi SU7 outperforms both Porsche's Taycan and Tesla's Model S in acceleration and other areas. Its design team has also worked with leading names such as BMW and Mercedes Benz.With the sales expected to start in 2024, after over three years of development, the company hopes to gain an edge with its "Human x Car x Home" smart ecosystem, allowing for its integration with Xiaomi's smartphones and internet-connected appliances.Moreover, Lei Jun also mentioned the car's compliance with U.S. safety standards for rear-end collisions as well as its compatibility with Apple's products such as iPhone, iPad, CarPlay and AirPlay, in spite of the American tech giant not yet having released a car of its own.
Two models of the Xiaomi SU7 were included on a list of new energy vehicles exempt from taxes issued by the Ministry of Industry and Information Technology on Tuesday. The submission described the vehicles as exclusively battery powered, and possessing a driving range of either 628 kilometers (390 miles) or 800 kilometers. BAIC Group, a state-owned subsidiary, was named as the manufacturer for the Xiaomi SU7 in the document.The car is yet to be released, although Xiaomi has recently started to market its flagship phone and smartwatch colored in the same "aqua blue" and "olive oil green" as the SU7 sedan. No cost for the vehicle has been announced as of yet, but Lei pointed out that it wouldn't be cheap, and rumours of charges of 99,000 yuan and 140,000 yuan were dismissed.
CNBC has more information about China, and JPMorgan has selected stocks from the nation to purchase. A portfolio manager pointed out which Chinese tech stock he feels offers the most potential. The Chinese equivalent of Spotify is reportedly under-valued, according to Morgan Stanley. Goldman Sachs is bullish on a sub-sector of the Chinese market and chose three stocks for investment.
JPMorgan has identified Chinese equities to purchase at present. Alibaba is excluded from the selection. The portfolio handler has outlined his 'topmost assurance' in a certain Chinese technology stock. The Chinese likeness of Spotify is perceived to be 'undervalued' as per Morgan Stanley. Goldman Sachs is an avid supporter of a certain sub-sector in China, and has declared three stocks to buy.
Xiaomi held a car tech event on Thursday, days after several domestic electric vehicle (EV) firms revealed new EVs. To name a few, Nio's ET9 with an 800,000 yuan ($113,090) price tag went on sale on Saturday, with deliveries beginning in the first quarter of 2025. Huawei's Aito brand unveiled its M9 SUV at 469,800 yuan on Tuesday; Zeekr, backed by Geely, announced on Wednesday that its 007 sedan would start at 209,000 yuan with deliveries from Jan. 1. Xpeng, which Xiaomi backed in 2019, is set to launch its X9 vehicle on Jan. 1, 2024. Lei, prior to the event, posted photographs on Weibo acknowledging BYD, Nio, Xpeng, Li Auto and Huawei.Xiaomi's Hong Kong-listed shares ended 0.25% lower on Thursday. The stock has surged by over 40% this year. During the Singles Day shopping festival, the business reported record sales of above $3 billion across various e-commerce platforms. Xiaomi has further stated that its spending on research and development this year would be 20 billion yuan ($2.8 billion) - a 25% increase from 2022, and more than double of the amount spent in 2020.
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