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.
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.
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.
