Xiaomi Corp (OTC:XIACF) is banking on its new electric vehicle (EV) to attract a potential 20 million premium users in China.
What Happened: The Chinese smartphone giant is set to unveil its new EV, the SU7, at the Mobile World Congress in Barcelona, which begins on Monday, reported CNBC on Sunday.
"We think it's a good starting point for us in the premium segment because we have already 20 million premium users in China based on the smartphone. I think the initial purchases will be very overlapped with the smartphone users." Xiaomi Group President Weibing Lu
Lu stated that the company is considering various price points, from entry-level to luxury, for the car, which has a development budget of $10 billion.
The SU7 was unveiled in China in December, but its price is yet to be announced. Lu hinted that the official release and domestic deliveries would commence shortly, potentially as early as the second quarter.
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