Even Xiaomi Is Going After Tesla

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On Thursday, Xiaomi Corporation (OTC:XIACY) unveiled its first EV as it looks to compete with Porsche and even the EV king itself, Tesla Inc (NASDAQ:TSLA). The Chinese consumer electronics company said to have spent more than $1.4 billion to develop its first EV, Xiaomi SU7.

Nio Is Going All In Into The Super-Premium EV Battle

Earlier on Saturday, Nio (NYSE:NIO) unveiled its flagship executive sedan, the ET9. Priced at 800,000 yuan, Nio is set to begin deliveries during the first quarter of 2025. Equipped by sophisticated proprietary technology and a superfast-charging battery pack, this model is a reflection of the commitment Nio made to redefine the higher end of the EV market. With this model, Nio also challenged the Porsche Panamera with many EV players, including BYD Company Limited (OTC:BYDDY) that is the biggest concern for Tesla,  aiming to grab a piece of the luxury market.

Xiaomi SU7 Holds A Big Promise Of Challenging Even Tesla

After three years of production, Xiaomi’s first EV is now in trial production. Although CEO Lei Jun is announced it is expected to arrive to its home market in a matter of months, it did not reveal the price as it is yet to be finalized, but it made it clear clear that its first EV won’t be cheap. During the three-hour long presentation, Junis revealed that the model is superior to the Porsche Taycan and the Tesla Model S in terms of acceleration and other metrics. With SU7, Xiaomi is not only entering the competitive EV market but also boldly aiming to become the industry leader, also in terms of autonomous driving. Jun also mentioned that the design team behind the SU7 previously worked at legacy automakers, Bayerische Motoren Werke Aktiengesellschaft (OTC:BMWYY) and Mercedes-Benz Group AG (OTC:MBGAF). The EV will also be compatible with Apple Inc (NASDAQ:AAPL) flagship iPhone, iPad, as well as CarPlay and AirPlay.

Xiaomi Made A Big Step As The EV Concept Continues To Evolve

A company known for its smartphones and home appliances is making good on its promise to create a ”Human x Car x Home’ smart ecosystem”. But, EV players are not standing still. XPeng (NYSE:XPEV) will be launching its X9 in a few days, more precisely, on January 1st. In November, XPeng reported record EV deliveries. Moreover, XPeng reported sales rose month-over-month for the 10th consecutive time.

Despite being a new entrant in a highly competitive and crowded space, Xiaomi is confidently going for the win.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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