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Xiaomi Unveils Electric Vehicle in China... Launch Scheduled for First Half of Next Year

Pure Electric Vehicle Model Unveiled, Expected Release in February Next Year
Independent Research Team Operated, Showing Strong Commitment to Launch

Chinese electronics company Xiaomi is set to launch a pure electric vehicle. As the company was known for its cost-effectiveness to the extent that its main products were called the "Mistake of the Continent," attention is focused on the launch price and quality.


On the 15th, Chinese economic media Caixin reported that Xiaomi's pure electric vehicle models SU7 and SU7 Max have been registered on the website of the Ministry of Industry and Information Technology of China. The top speeds are 210 km/h and 265 km/h, respectively. The SU7 uses lithium iron phosphate (LFP) batteries supplied by a BYD subsidiary, while the SU7 Max uses ternary lithium batteries from CATL.


Xiaomi Unveils Electric Vehicle in China... Launch Scheduled for First Half of Next Year Xiaomi Electric Vehicle SU7 (Source: Ministry of Industry and Information Technology of China)
Xiaomi Unveils Electric Vehicle in China... Launch Scheduled for First Half of Next Year Xiaomi Electric Vehicle SU7 (Source: Ministry of Industry and Information Technology of China)

Manufacturing is expected to be handled by a subsidiary of Beijing Automotive Group (BAIC), with the production site believed to be Xiaomi Motors' factory located in Beijing, according to Caixin. Earlier, in November 2021, Xiaomi signed a contract with the Beijing E-Town Economic and Technological Development Area to establish Xiaomi Motors headquarters in the development zone and build a car factory with an annual capacity of 300,000 units. Xiaomi is also known to have already obtained the vehicle production license approved by the National Development and Reform Commission.


Caixin cited industry sources stating that Xiaomi operates an independent automotive team consisting of about 2,000 to 3,000 members. They are developing smart cockpits, operating systems, software, and hardware independently. The source said, "Xiaomi plans to launch these two models in the high-end market, and as expected, they will be released in the first half of 2024." China's Daily Economic News reported that Xiaomi has already produced dozens of electric vehicles in pilot production, will start mass production by the end of the year, and plans to introduce them to the market by February next year.


Xiaomi announced its electric vehicle mass production plan in March 2021, revealing plans to invest $10 billion (approximately 13.55 trillion KRW) over the next 10 years in the smart electric vehicle business. It also stated that it would proceed with its own capital without attracting separate investments.


Regarding pricing, Xiaomi's founder Lei Jun said in April of the same year that the price of the first car would be in the range of 100,000 to 300,000 yuan (approximately 18 million to 54 million KRW). According to the China Association of Automobile Manufacturers, 57% of new energy vehicle sales last year were priced between 100,000 and 300,000 yuan. Caixin analyzed, "This price range is particularly competitive."


Xiaomi's electric vehicles have also shown strong commitment to autonomous driving features. In his annual speech last year, Lei Jun said, "Autonomous driving is the most complex and technologically dense field in the automotive industry," adding, "It is the groundbreaking first direction for Xiaomi cars." Prior to this, Xiaomi acquired the autonomous driving company Shendong Technology and made successive investments in companies related to visual sensors and driving solutions. At the Mi14 conference for Xiaomi's smartphones on the 26th of last month, the goal was announced to connect cars and phones and break down the boundaries between devices.


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