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Xiaomi shares have increased 7% on Tuesday morning. That’s after the Chinese group announced it will begin deliveries of its first electric vehicle model, the SU7, this month.

Xiaomi's first electric car

The Chinese manufacturer informed that orders will be taken in its 59 stores in 29 cities across the country. The launch event is scheduled for 28 March.

According to him, the base version has a range of up to 668 km, and can accelerate from 0 to 100 km/h in 5.28 seconds. The 299 horsepower engine and 400Nm of maximum torque help the SU7 reach a top speed of 210 km/h. Braking distance at 100-0 km/h is 35 and a half metres.

The all-wheel drive DUAL MOTOR model has an output of 673 hp, maximum torque of 838 Nm. It reaches a top speed of 265 km/h and accelerates from 0 to 100 km/h in 2.78 seconds. Braking distance at 100-0 km/h is just 33.3 metres. The range of the premium model is 800 kilometres.

In the first two months of this year, sales of electric vehicles (EVs) in China rose by 18%. The price war is expected to intensify in 2024 amid weak domestic demand and overcapacity.

Xiaomi CEO Lei Jun:

“Through sustained efforts in the next 15-20 years, we will become one of the top five automakers in the world, which will elevate the Chinese auto industry.”

Analysts expect the new vehicle to be equipped with the same operating system used in the Chinese company’s phones.

Its cars will be produced by a division of state-owned manufacturer BAIC Group at a factory in Beijing. It has an annual capacity of 200,000 vehicles. Over the next decade Xiaomi wants to invest $10bn in the car segment.

With this product, the Chinese tech giant wants to capture a significant share of the electric car market and compete with leader Tesla.

Photo Source: https://www.mi.com/global/

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