TECH - With Pedal To The Metal Xiaomi Zooms Into China's EV Race | Benzinga
Key Takeaways?
- Xiaomi has unveiled its first new energy vehicle, diverging from its success in smartphones by saying its NEVs won’t be aimed at the low end of the market
- The smartphone maker’s co-founder and CEO Lei Jun said car manufacturing will be his last major business battle in a long career as one of China’s leading tech entrepreneurs
By Lau Chi Hang
Xiaomi Corp.’s (1810.HK) brief life story is closely intertwined with its charismatic founder and CEO Lei Jun, who was a telecoms layman when he launched the company that would go on to become one of China’s and the world’s biggest smartphone makers. But can he pull it off again with new energy vehicles (NEV)?
Lei certainly thinks so, and is pumping huge resources into the space as part of his bigger vision of building a Xiaomi ecosystem of smart devices that can communicate with each other and their owners in a future world often called the internet of things (IoT).
Lei unveiled the latest piece in that ecosystem just before the end of last year with Xioami’s demonstration of its first NEV, the eye-catching SU7, which some likened to a mix of Porsche’s Taycan and a composite of Tesla’s style. Lei emphasized repeatedly the SU7 won’t be aimed at NEV users looking to save a buck, noting it would be "impossible” to price such a model at 99,000 yuan ($13,961) or even 149,000 yuan.
"Please show some respect for all the technologies we’ve invested in,” he told the crowd, responding to repeated questions about the pricing.
Such response indicates that Xiaomi will no longer adopt an "affordability first” strategy with its new NEV foray, unlike its smartphones which rose to early prominence on their low prices. Now, it will be up to the market to decide what to make of the SU7 when it officially hits China’s crowded NEV market this year.
Aiming High For The Global Top Five
Despite Xiaomi’s late arrival to NEVs, Lei said his company would spare no ...