Bloomberg and staff reporter
The billionaire cofounder of Xiaomi (1810) unveiled the phone giant's first electric vehicle yesterday and declared its ambition of becoming a top carmaker in 15 to 20 years in competition against Tesla and Porsche.
Its SU7, which stands for Speed Ultra, rolled onto a stage at the China National Convention Center in Beijing with no drivers visible, ending a presentation by Lei Jun in front of thousands.
Lei, also the chief executive, spent hours detailing its features, which include a range of up to 800 kilometers on a single charge, adjustable spoilers, unique colors and a top speed of 265 kmh.
The five-seat sedan will be powered by batteries from Contemporary Amperex Technology and BYD (1211), depending on whether it has a single or dual motor configuration.
Lei has said he expects it to rival Porsche's Taycan Turbo in performance and Tesla's Model S in technology. The Model S starts at 698,900 yuan (HK$770,720) and the Taycan at 898,000 yuan, much higher than the 200,000 to 300,000 yuan that many expect the SU7 to fall into.
Lei has hinted it could be between 99,000 and 400,000 yuan.
The SU7, due to go on sale next year, can go from zero to 100 kmh in 2.78 seconds, he said. It will come with a motor that has 21,000 revs a minute, which he said is higher than the Model S and Taycan Turbo.
Xiaomi's shares gave up earlier gains to fall 0.2 percent yesterday. They rose 4.1 percent Wednesday.
Meanwhile, Geely Automobile's (0175) premium EV brand Zeekr has launched the Zeekr 007 sedan at prices starting from 209,900 yuan. The automaker said it had received more than 50,000 preorders in 40 days, sending its shares up by 6.7 percent.
JD.com staff man the phones in Suqian, Jiangsu. Above: Richard Liu.
