Xiaomi Launches Its First EV, With Ambition to Rival Foreign Carmakers

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Xiaomi’s EV foray is a $10 billion wager by CEO Lei Jun that his company can shake up the transport sector, as it did smartphones a decade ago. Photo: Xiaomi

(Bloomberg) — The billionaire co-founder of Xiaomi Corp. unveiled the company’s first electric vehicle (EV) Thursday, declaring ambitions to become a top global carmaker in 15 to 20 years and compete against Tesla Inc. and Porsche AG.

The SU7, which stands for Speed Ultra, will be powered by batteries from Chinese market leaders Contemporary Amperex Technology Co. Ltd. and BYD Co. Ltd., depending on whether it has a single or dual motor configuration.