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China's latest EV is a 'connected' car from smart phone and electronics maker Xiaomi
KEN MORITSUGUUpdated Thu, 28 March 2024 at 3:56 pm SGT3-min read
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China Auto Xiaomi
Visitors to the Xiaomi Automobile flagship store look at the Xiaomi SU7 electric car on display in Beijing, Tuesday, March 26, 2024. Xiaomi, a well-known smart consumer electronics brand in China, is joining the country's booming but crowded market for electric cars. (AP Photo/Ng Han Guan)ASSOCIATED PRESS
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BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars.
The tech company will start taking orders for the SU7, a sporty four-door sedan, following a launch event with founder Lei Jun in Beijing on Thursday evening.
Analysts think it will be priced in the 300,000 yuan ($40,000) range.
Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry's sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto giants.