Chinese smartphone giant Xiaomi unveiled its first electric vehicle at a launch event in Beijing and announced plans to become one of the world’s top five automakers within the next two decades.
The electric sedan, dubbed the SU7 with the SU short for Speed Ultra, is a highly anticipated model that Xiaomi Chief Executive Lei Jun touted as having “super electric motor” technology capable of delivering acceleration speeds faster than Tesla cars and Porsche’s EVs.
“By working hard over the next 15 to 20 years, we will become one of the world’s top 5 automakers, striving to lift China’s overall automobile industry,” he said at the unveiling.
Those plans include building “a dream car comparable to Porsche and Tesla,” he added.
The specs look impressive on paper. Xiaomi says SU7 will come in two versions – one with a driving range of up to 668 km (415 miles) on a single charge and another with a range of up to 800 km, or just shy of 500 miles, on China’s test cycle.
Pricing has yet to be announced. Lei said the cost would “indeed be a bit high, but one that will have everyone will think is justified.”
The autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry, he also said.
Xiaomi has pledged to invest $10 billion in autos over a decade. Its cars will be produced by a unit of state-owned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.
