(Yicai) Dec. 28 -- Xiaomi has fulfilled a two-and-a-half year plan by unveiling its first electric vehicle, with the Chinese consumer electronics giant saying it will take on Porsche and Tesla and aims to become one of the world’s top five carmakers in 15 to 20 years. 

The Xiaomi SU7, a mid-level five-seat sedan, outpaces Porsche’s Taycan Turbo and Tesla’s Model S for acceleration, Xiaomi founder and Chairman Lei Jun said at a three-hour launch event in Beijing today. The car is being produced in small batches and will come onto the market in a few months, he said, without disclosing the price.

Lei said Xiaomi Automobile aims to build dream cars on a par with Porsche and Tesla, creating an intelligent mobile space that is good-looking, easy to operate, comfortable, and safe.

He also reiterated Xiaomi’s commitment to start from core underlying technology and invest 10 time more than other carmakers, with the ultimate goal being for the firm to take its place among the leading five global automakers in 15 to 20 years.

Beijing-based Xiaomi, well-known as a smartphone maker, first set out its auto business plan in March 2021, intending to invest USD10 billion over 10 years and achieve mass production in the first half of next year. The first fruit of that effort is the SU7.

The SU7 -- pronounced “soo-chee” in Chinese -- is 4,997 millimeters long, 1,963 mm wide, and 1,455 mm high. It is powered by Contemporary Amperex Technology’s 101-kilowatt-hour Qilin battery, giving it a range of 800 kilometers. The motor is produced by United Automotive Electronic Systems and Inovance Automotive with a peak power of 220 KW. The wheelbase is 3,000 mm. The vehicle supports 800-volt fast charging with a range of 200 km after five minutes of charging.

Given the battery and performance, the vehicle is expected to be priced higher than the market prediction of CNY99,000 or CNY149,000 (USD14,000 or USD21,100). Lei stated on Weibo yesterday that the price of the SU7 has not been finalized yet, and while it may be a bit expensive, the experience will exceed everyone's expectations.

To further its plans, Xiaomi has started using its 9,100-ton hypercasting technology plant. It has released a V8 motor with more than 27,000 revolutions per minute and a maximum horsepower of 578 ps Lei said, predicting it will be used in Xiaomi vehicles by 2025.

Lei also said Xiaomi Automobile is part of the smartphone giant’s "human-car-home smart ecosystem,” sharing the same operating system as its handsets and smart home appliances. 

Editor: Emmi Laine