<p>Beijing: Xiaomi will this month start deliveries of its first electric vehicle (EV) in China, it said on Tuesday, venturing into the world's largest auto market at a time of aggressive price competition.</p><p>The smartphone maker, China's fifth-largest, said in a Weibo post that 59 of its stores in 29 cities nationwide will take orders for its new Speed Ultra 7 (SU7) sedan. A launch event is scheduled for March 28, when the new EV's sticker tag is expected to be made public.</p><p>China's EV sales climbed 18% in January-February, not far from the 21% growth seen for all of 2023. This year, market leader BYD led a round of deep price cutting to try to woo consumers in the face of weaker domestic demand.</p>.<p>At the unveiling of the SU7 in December, Chief Executive Lei Jun said Xiaomi planned to become one of the world's top five automakers.</p><p>Lei said the SUV has "super electric motor" technology capable of delivering faster acceleration than Tesla's and Porsche's EVs.</p><p>Analysts say the car's shared operating system with Xiaomi's popular phones and other electronic devices will appeal to the company's existing customers.</p><p>"Xiaomi's cars are going from zero to one in a very different growth stage and facing very different user expectations compared to when Xiaomi's smartphones went from zero to one 14 years ago," Lei said in a Weibo post on Tuesday.</p>.Solar success is a curse for China’s manufacturers.<p>"Xiaomi's cars need to be different, and the most important aspect is smart technology."</p><p>Xiaomi has been seeking to diversify beyond its core business to EVs as demand for smartphones is stagnant - a plan it first flagged in 2021.</p><p>Its cars will be produced by a unit of state-owned automaker BAIC Group, in a Beijing factory with an annual capacity of 200,000 vehicles.</p><p>The smartphone giant has pledged to invest $10 billion in autos over a decade and is one of the few new players in China's EV market to gain approval from authorities who have been reluctant to add to a supply glut.</p>
<p>Beijing: Xiaomi will this month start deliveries of its first electric vehicle (EV) in China, it said on Tuesday, venturing into the world's largest auto market at a time of aggressive price competition.</p><p>The smartphone maker, China's fifth-largest, said in a Weibo post that 59 of its stores in 29 cities nationwide will take orders for its new Speed Ultra 7 (SU7) sedan. A launch event is scheduled for March 28, when the new EV's sticker tag is expected to be made public.</p><p>China's EV sales climbed 18% in January-February, not far from the 21% growth seen for all of 2023. This year, market leader BYD led a round of deep price cutting to try to woo consumers in the face of weaker domestic demand.</p>.<p>At the unveiling of the SU7 in December, Chief Executive Lei Jun said Xiaomi planned to become one of the world's top five automakers.</p><p>Lei said the SUV has "super electric motor" technology capable of delivering faster acceleration than Tesla's and Porsche's EVs.</p><p>Analysts say the car's shared operating system with Xiaomi's popular phones and other electronic devices will appeal to the company's existing customers.</p><p>"Xiaomi's cars are going from zero to one in a very different growth stage and facing very different user expectations compared to when Xiaomi's smartphones went from zero to one 14 years ago," Lei said in a Weibo post on Tuesday.</p>.Solar success is a curse for China’s manufacturers.<p>"Xiaomi's cars need to be different, and the most important aspect is smart technology."</p><p>Xiaomi has been seeking to diversify beyond its core business to EVs as demand for smartphones is stagnant - a plan it first flagged in 2021.</p><p>Its cars will be produced by a unit of state-owned automaker BAIC Group, in a Beijing factory with an annual capacity of 200,000 vehicles.</p><p>The smartphone giant has pledged to invest $10 billion in autos over a decade and is one of the few new players in China's EV market to gain approval from authorities who have been reluctant to add to a supply glut.</p>