Xiaomi Makes Electric Vehicle Foray with SU7 Launch, Selling 50,000 Units in Just 27 Minutes

In just 27 minutes, Chinese technology giant Xiaomi sold its first 50,000 electric vehicles after the launch of its new high-performance sedan and ecological technology model. This marked Xiaomi’s entry into the electric vehicle sector. The official launch event took place in Beijing and was attended by the company’s founder, Lei Jun, who revealed the retail prices for the different models.

Comparing their vehicle to the American Tesla Model 3, Lei Jun mentioned that their car is priced 30,000 yuan cheaper, offering a more affordable option for customers in China. Despite the Hong Kong Stock Exchange being closed, Xiaomi’s shares in the US saw a significant increase of 12.51% after the announcement. The launch event was live-streamed to over 2 million viewers across various platforms, with around 1,000 people attending in person.

The Xiaomi electric vehicle features “super power” electric motors, with different models offering varying acceleration and top speeds. The car comes in three versions: Standard, Pro, and Max, each offering different ranges and features. Lei Jun expressed excitement about the response to the new vehicle, named the SU7, which will be available for purchase in 211 stores across 39 Chinese cities.

Xiaomi has not yet announced plans to sell the vehicle outside of China but aims to release more electric vehicle models in the future with the goal of becoming one of the top five manufacturers in the world within 15 to 20 years. The company’s foray into the electric vehicle market marks a significant development in its expansion beyond smartphones and other tech products.