Xiaomi is going to launch its first electric vehicle (EV) this month. Initially, the new innovation of the Chinese technology giant will be available in the local market. However, the information about when it will come to the international market is not yet known, and the price has also been kept under wraps. Xiaomi, one of the world’s smartphone manufacturers, said that an announcement will be made soon. News BBC.

Companies like BYD and Tesla are fighting to take the top spot in EV sales in China’s car market. They have also embarked on a sharp price reduction. In the meantime, Xiaomi appeared with a new challenge. The tech giant has already opened 59 stores in 29 cities in China to take orders for EVs.

While unveiling the Speed ​​Ultra Seven (SU 7) model last year, Xiaomi CEO Lei Jun said that Xiaomi wants to become one of the top five car manufacturers in the world. In the next 10 years, the company will invest about 1 billion dollars in this sector.

Lei Jun also said that Speed ​​Ultra Seven has super electric motor technology. As a result, the new cars are able to go faster than EVs from Tesla and Porsche. Xiaomi hopes the car’s shared operating system technology with smartphones and other devices will help attract buyers.

Meanwhile, regulators in China, the world’s largest car market, have tightened recently. Beijing has limited car manufacturing approvals for new entrepreneurs. In addition, the subsidy provided by the Chinese government to consumers in the EV sector has also ended a few years ago. Analysts say that Xiaomi has to move forward with new technologies and strategies to survive in the competitive market.

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