China technology giant Xiaomi starts electric car sales

This month, the Chinese technology giant Xiaomi announced that it will begin delivering its very first electric vehicle (EV). This would be the very first time that the firm would enter the incredibly competitive automobile market where it would be competing with other companies. To put it simply, this would be the very first time that the organization would be working in the automotive sector.

It has been speculated that the pricing of the automobile would be disclosed to the general public on the 28th of March.

The fifth-largest smartphone manufacturer in China asserts that it has 59 outlets located in 29 different locations around the country to fulfill the orders that are placed by customers.

Companies like BYD and Tesla are now involved in a pricing rivalry in China, which is the largest car market in the world. This competition is taking place within the Chinese market. At a time when this is taking place, this comes at a moment.

Last year, on the occasion of the debut of the Speed Ultra 7 (SU7), the chief executive officer of Xiaomi, Lei Jun, stated that the company’s goal is to become an automobile company that ranks in the top five in the world. This statement was made about the fact that the company had launched the SU7. When this comment was made, it was about the fact that the business had released the SU7.

Over the next 10 years, the smartphone giant will make an investment in the automobile company that amounts to a total of ten billion dollars, which is equivalent to seven and a half billion pounds.

Mr. Lei has stated that the SU7 technology is a “super electric motor” that is capable of accelerating at a quicker rate than certain electric autos that are manufactured by Tesla and Porsche.

Additionally, Xiaomi is betting that the fact that the car uses the same operating system as its phones and other gadgets would appeal to customers who have previously purchased things from the company. This is because the company considers this to be a selling point.

This company is one of the few new potential entrants to the industry that has been permitted by the government to enter the market. The Chinese government is making efforts to control the influx of new participants in the electric car industry, and this business is one of the few companies that has been granted clearance to operate in the area.

The manufacturing of the SU7 will be handled by a branch of the BAIC Group, which is a state-owned automobile manufacturer. The SU7 will be manufactured at a facility in Beijing that is capable of producing up to 200,000 automobiles on an annual basis.

With the introduction of its product at the same time, Xiaomi Automobile has entered the market for electric cars in China, which has been experiencing a pricing war that has been building for some time.

Tesla, which has experienced a fall in the price of its automobiles in China by thousands of dollars over the previous few months, is led by Elon Musk, who is worth several billions of dollars. Musk is the CEO of Tesla. This comes at a time when local competitors like as BYD have successfully decreased their pricing, which is another reason why this timing is so appropriate.

The value of Xiaomi shares in Hong Kong increased by more than ten percent as a direct result of the news that was made public today.