Chinese tech giant Xiaomi claims to have determined the perfect target market for its upcoming luxury electric car, the SU7. According to President Lu Weibing’s statement on Sunday, the company is planning to attract 20 million premium smartphone users in the country to its new electric vehicle business.
These interesting remarks surfaced ahead of Xiaomi’s plans to introduce the SU7 globally at the Mobile World Congress in Barcelona on Monday.
Target market
According to an exclusive interview with news platform CNBC, Xiaomi is banking on its 20 million premium smartphone owners to aid its upcoming SU7 electric car in competing in the rapidly growing electric vehicle market in China.
“We think it’s a good starting point for us in the premium segment because we have already 20 million premium users in China based on the smartphone. I think the initial purchases will be very overlapped with the smartphone users.”
Xiaomi Group President Weibing Lu
President Lu disclosed that the tech giant contemplated various price points, starting from entry-level to luxury, for an EV with a $10 billion development fund.
What’s currently known about the Xiaomi SU7?
In hindsight, Xiaomi initially introduced the new SU7 e-car in its home market in late December 2023. However, it has not yet revealed the official pricing of the new EV.
As per President Lu’s remarks on Sunday, Xiaomi will release a formal announcement “very soon.” It also plans to kick off local deliveries of the SU7 EV as early as the second quarter of 2024.
The SU7’s 73.6 kWh battery pack enables a driving range of 668 km (415 miles), while the larger 101 kWh battery can deliver 800 km (497 miles) between charges.
It also offers two motor options, including a single 220kW (295 hp) motor or dual 495kW (664 hp) combined output motors. Remarkably, it will leverage the integration of the company’s popular smartphones and other connected smart home appliances.
Production start
Xiaomi is currently the market leader in China’s smartphone manufacturing industry, trailing behind Apple and Samsung in terms of global shipments, Canalys data reports.
Now, the tech giant aims to expand its success in the rapidly growing electric vehicle industry in China and beyond.
Last month, the Beijing-based company announced plans to start the SU7 production by mid-to-late February, with targets to build more than 10,000 units by July 2024.
The upcoming Xiaomi SU7 is expected to sell at a premium price of about $50,350, potentially competing against the likes of Porsche Taycan and the Tesla Model S.
