TECH - Chinese Smartphone Giant Xiaomi Enters Electric Vehicle Market Targets Tesla Porsche With SU7 | Benzinga
Chinese tech giant Xiaomi Corp. (OTC:XIACF) unveiled its first electric vehicle, the SU7. The company plans to compete against industry frontrunners Tesla Inc. (NASDAQ:TSLA) and Porsche AG (OTC:POAHF) over the next two decades.
What Happened: The SU7, also known as Speed Ultra, was launched on Thursday, as reported by Bloomberg. The batteries powering this vehicle are developed by Chinese firms Contemporary Amperex Technology Co. Ltd. and BYD Co. (OTC:BYDDF) (OTC:BYDDY).
CEO and co-founder Lei Jun views this foray into electric vehicles as a $10 billion opportunity to shake up the transport industry. The SU7 will vie for a place in a market already saturated with multiple models from various brands.
See Also: ‘Good Design,’ Says Elon Musk After Tesla Fan Shares Wishlist For ‘Futuristic’ $25K Compact EV
With the SU7, Xiaomi aims to create a vehicle that can compete with Tesla’s Model ...