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China’s Xiaomi unveils first EV to compete with Porsche and Tesla

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Chinese smartphone company Xiaomi announced its upcoming electric car, the SU7 sedan, on December 28, 2023.

CNBC | Evelyn Chen

BEIJING – Chinese consumer electronics maker Xiaomi on Thursday entered China’s saturated electric vehicle market, rivaling auto giants Tesla and others with a car model it said it spent more than 10 billion yuan ($1.4 billion) to develop. It announced detailed plans to compete with Porsche.

The company’s car, known as Xiaomi SU7, “is in prototype production and will be launched in the domestic market within a few months,” CEO Lei Jun said. Tuesday’s post on the X social media platform formerly known as Twitter. “The price has not been determined yet.”

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