China: Tech group Xiaomi brings the first electric car onto the market

China: Tech group Xiaomi brings the first electric car onto the market

Apple has buried its plans for its own electric car. The Chinese competitor Xiaomi shows that there is another way. The group wants to start selling the SU7 sedan in March.

The Chinese technology group Xiaomi wants to start selling its first self-developed electric car in March. Company founder Lei Jun named March 28 as the launch date for the SU7 sedan on the social network Weibo on Tuesday. Xiaomi shares subsequently rose significantly on the Hong Kong stock exchange.

Xiaomi, best known in China for smartphones and other electrical devices, announced its entry into the electric car market three years ago and began developing its own vehicle. The SU7, which is produced jointly with Chinese automaker BAIC, was unveiled in December.

It was recently announced that the iPhone company Apple had stopped working on its own electric car after several years of development.

Expansion into foreign markets

China is the world’s most important market for electric cars and is therefore highly competitive. The Chinese car manufacturer BYD and the US company Tesla are fighting for market leadership. In addition, numerous new Chinese electric car brands have emerged in recent years. Many of the companies offer deep discounts on their vehicles to stay in business.

German car manufacturers, who have long been successful in China primarily with combustion engines, are coming under pressure. It’s not just on the home market that the Chinese are taking market share with their electric cars. Some Chinese companies have already started expanding into Europe and other foreign markets.

Source: Stern

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