“Mistakes on the Continent” Is Coming Again Xiaomi Starts Selling Electric Vehicles Looking Like Porsche

Xiaomi, a Chinese company nicknamed the “Mistakes on the Continent” for its affordable and high-quality home appliances, will sell its first electric vehicle in China from the 28th. It has been three years since it announced its entry into the electric vehicle market in March 2021.

According to Bloomberg and Reuters on the 12th (local time), Xiaomi announced on Weibo that it would sell its Speed Ultra 7 series at 59 stores in 29 cities in China. It did not disclose the price of the car.

The slowdown in the global electric vehicle market is also seen in the Chinese market led by BYD and Tesla of the U.S. Apple, whose main business is smartphones, has also recently decided to stop developing electric vehicles.

However, the stock market expressed expectations for Xiaomi’s electric vehicle business. Bloomberg Intelligence analysts said the announcement could boost Xiaomi’s sales by up to 4 percent this year and serve as a long-term growth engine. It also diagnosed that prices are very important amid fierce competition with local companies such as BYD and Nio, expecting average prices to range from 220,000 to 260,000 yuan (40 million to 47.4 million won) and first-year sales from 30,000 to 50,000 units. Some say that Xiaomi’s popular mobile phones and other electronic devices and car-sharing operating system will be a strength.

Xiaomi unveiled the SU7 for the first time in December last year. Xiaomi explained that the SU7 can travel up to 800 kilometers on a single charge, with a maximum speed of 265 kilometers per hour and a zero-back of reaching 100 kilometers per hour in a stationary state of 2.78 seconds.

“Smart electric vehicles have a winner-take-all structure, so they cannot survive unless they are in the top five in world sales,” Xiaomi Chairman Lei Jun, Xiaomi’s founder, said in a media interview in January. “We entered an extremely competitive market, but we will eventually win.”

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