Xiaomi, a smartphone manufacturer, unveiled its first electric car

The Chinese smartphone manufacturer Xiaomi declared its intention to rank among the top five automakers in the world as it unveiled its first electric vehicle (EV) on Thursday.

The fourth-biggest smartphone maker in the world, Xiaomi, with its headquarters in Beijing, revealed its intentions to join the very competitive electric vehicle market in 2021. The SU7, or speed ultra, was recently unveiled by CEO and co-founder Lei Jun at the China National Convention Center in Beijing.

According to a Bloomberg report, the sedan's intriguing features include a top speed of 265 kilometers per hour, adjustable spoilers, a range of up to 800 kilometers on a single charge, and unique colors.

This SU7, which will be made by local manufacturer BAIC, has Xiaomi software integrated into it to enable functionality across its range of devices, according to an AFP report. Additionally, depending on whether it has a single or dual motor configuration, the five-seater sedan's batteries will come from domestic battery giant CATL as well as BYD, China's largest electric automaker.

"Xiaomi wants to create a dream car that can compete with Tesla and Porsche," Lei stated during the launch. Lei has invested $10 billion in this new EV endeavor, hoping to revolutionize the transportation industry in a similar way to how it did with smartphones ten years prior. Lei also stated, according to the Bloomberg story, that this will be his last venture.

Lei previously stated that the SU7 would compete with Tesla's Model S in terms of technological features and Porsche's Taycan Turbo in terms of performance. Lei suggested that the price of the SU7, which Xiaomi has not yet disclosed, may range from 99,000 yuan (₹11,96,250) to 400,000 yuan (₹48,33,336)

After opting to build this car, Lei, who referred to the SU7 as a "performance beast," stated that he had driven 150 different cars in order to figure out what functions best. Those who are interested in performance, taste, and technology are the target market for the car.

Currently, more businesses are investing in electric vehicles, and in the upcoming year, this trend may continue. This year, the British producer of fast sports cars, Lotus Cars, made its debut in the Indian EV market. According to a Press Trust of India report, they introduced three Eletre electric SUV models, with prices starting at ₹2.55 crore. Hyundai, a South Korean company, also unveiled the first electric vehicle (EV) of the year, the Ioniq 5.