Xiaomi has announced that it is entering the Chinese market with an electric car of its own production. From March 28, 2024, the SU7 series of its electric vehicles will be available for purchase in 29 cities in China. Xiaomi representatives did not disclose the cost of the car (according to experts, it will be $30.7-$36.2 thousand), but against the background of this news, the value of the company’s shares on the Hong Kong Stock Exchange increased by 9.9%.

Xiaomi starts selling electric vehicles at a rather difficult time for this industry. But it seems that the company is not afraid of either the price war between Tesla and BYD for Chinese consumers, or the drop in sales in the electric car market in general. Production volumes are expected to be in the range of 30-50 thousand cars in the first year, and despite the fact that the company is known as a manufacturer and seller of relatively inexpensive smartphones, its electric car with a price tag of more than $30 thousand. It can hardly be called budgetary.

The SU7 (Speed Ultra) car can accelerate from 0 to 100 km/h in just 2.78 seconds, the announced top speed is 265 km/h. The SU7 was developed in cooperation with the state-owned Beijing Automotive Group (thus Xiaomi avoided a long wait for production permission from Chinese regulators).

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