(Yicai) Nov. 16 -- Chinese smartphone giant Xiaomi has offered the first glimpse of its electric vehicle less than 20 months after announcing its entry into the EV market.
The five-seater Xiaomi SU7 and SU7 Max sedans appeared in a catalog released yesterday by China's Ministry of Industry and Information Technology.
The monthly catalog lists new vehicle models that have passed official tests, been certified, and are about to go to market, suggesting that Beijing-based Xiaomi is poised to begin mass production of its debut EVs.
The EVs will be made by BAIC Rover, a unit of Beijing Automotive Group, the Chinese partner of Mercedes-Benz, the catalog said. The SU7 looks like a cross between a Porsche Taycan and a Tesla Model 3, with both versions having a wheelbase of 3000 millimeters, larger than the Taycan.
They use Contemporary Amperex Technology's ternary lithium-ion batteries and lithium iron phosphate batteries provided by BYD's Ferdi brand.
Xiaomi’s cars are in pilot production, with 50 samples made per week and a likely annual capacity of 150,000 units in the future, according to earlier institutional research reports.
The handset maker can give full play to the advantages of intelligent interaction between cars and phones, channel operation, and brand promotion, Huatai Securities noted, adding that Xiaomi will likely release its first pure EV in the first half of next year.
Xiaomi’s shares [HKG: 1810] sank 6.5 percent to close at HKD15.70 (USD2.01) in Hong Kong today. The stock finished at HKD16.80 yesterday, its highest closing price this year, after climbing 68 percent since June 23.
Editor: Martin Kadiev