After just 24 hours of its launch, smartphone manufacturer Xiaomi received an incredible 90,000 orders for the SU7, its first electric car, stirring up the electric vehicle (EV) sector. Consequently, Xiaomi’s share price on the Hong Kong Stock Exchange has increased significantly due to its aggressive entry into the EV industry.
Beyond its well-known dominance in the smartphone sector, Xiaomi has taken customers and industry watchers by surprise by entering the very competitive EV business. The SU7’s impressive features include a 0-to-100 km/h acceleration time of just 2.78 seconds and a stated range of up to 800 kilometres on a single charge. The maximum velocity is 265 km/h.
Xiaomi’s aggressive pricing approach seems to have played a significant role in the SU7’s early success. Undercutting its main rival in the Chinese market, the SU7 starts at a competitive 215,900 yuan (Rs 24.8 lakh) and goes up to 299,900 yuan (Rs 34.5 lakh) for its top variant. The base price of Tesla’s Model 3 sedan is 245,900 yuan. Because of its clever pricing, the SU7 is positioned as a desirable choice for EV aficionados on a tight budget.
Xiaomi CEO and founder Lei Jun showed faith in the SU7’s skills. According to him, the SU7 base model outperforms the Tesla Model 3 in 90% of the criteria. Although Jun acknowledged that Tesla currently has an edge in two areas, he was confident Xiaomi would catch up in the next three to five years.
The SU7 is a stylish four-door sedan with plenty of passenger and baggage room. It measures 1455 mm in height, 1963 mm in width, and 4997 mm in length. The top model has a larger 101 kWh battery, increasing the range for individuals who want to travel farther between charges. The entry-level model has a respectable 73.6 kWh battery pack.
Client deliveries are scheduled to start by the end of April, officially launching Xiaomi into the EV industry. Xiaomi’s stock has increased more than 25% in the last month, indicating investor support for the company’s diversification plan.
Xiaomi is a strong competitor in the quest for supremacy in the electric car market thanks to its competitive price, outstanding features, and dedication to ongoing development. With first-quarter sales results well exceeding forecasts, it will be interesting to watch how Xiaomi handles the EV market and makes a name for itself in this quickly changing sector.
Extra Information:
Options for the powertrain: Although precise information is still pending, Xiaomi has alluded to two possible powerplant setups. Rear-wheel drive and a single electric motor with about 295 horsepower (220 kW) are anticipated for the base model. More expensive versions should have two electric motors and an all-wheel-drive system, which might provide a combined power output of more than 660 horsepower (495 kW).
Technology: Xiaomi has not released any information on the aspects of the SU7’s technological capabilities. But given the company’s experience with smartphones, it makes sense to anticipate a high-tech cabin with an intuitive infotainment system, cutting-edge driver-assistance capabilities, and seamless smartphone connection.
Charging: Xiaomi has not yet made its official charging specifications public. It seems likely that the SU7 will offer fast-charging capabilities, perhaps enabling rapid charging from near-empty to a considerable percentage of battery capacity within a short duration, given the promised range and battery sizes.
Source: ESG TImes
