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Xiaomi: Chinese smartphone giant takes on Tesla

Xiaomi, a leading Chinese smartphone brand, has ventured into the electric vehicle (EV) sector, challenging industry giants like Tesla.
Launching its first EV, Xiaomi started taking orders, with over 50,000 orders placed within the first 27 minutes.

The standard SU7 model is priced at approximately $29,872, while the Max version is around $41,567. Xiaomi's move into the EV market is timely, as global sales growth slows and competition intensifies.

The SU7 model boasts a range of 700km, surpassing Tesla's Model 3, and integrates an operating system compatible with Xiaomi’s other devices, targeting its existing customer base.

Xiaomi ranks as the third-largest smartphone seller globally, holding a 12% market share. The SU7, which has drawn comparisons to Porsche's Taycan and Panamera models, will be manufactured in Beijing by a BAIC Group unit with an annual capacity of 200,000 vehicles.

Experts see Xiaomi's EV initiative as a significant step, contrasting with Apple, which reportedly shelved its EV project. Analysts argue that Xiaomi's foray reflects its brand's strength in China, while Apple doubted the EV market's potential outside China.

Xiaomi plans to invest $10 billion in its vehicle business over the next decade, betting on China's mature EV market with a robust battery supply chain and expanding charging network.

This launch comes amid a price war in China's EV market, with Tesla and BYD cutting prices to stay competitive. The Chinese EV market is the largest globally, prompting regulatory efforts to limit new entrants.

Tesla and other manufacturers face challenges as governments, including the US and EU, scrutinize foreign EVs and subsidies, affecting global EV trade dynamics.
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