In a significant move within the electric vehicle (EV) sector, Xiaomi, a leading Chinese smartphone and electronics maker, has unveiled its first electric car, the Xiaomi SU7, marking a pivotal moment in the company's expansion into the automotive industry. The Xiaomi SU7, announced during a livestream event, features a shared operating system with Xiaomi's phones, laptops, and other devices, highlighting the integration of Xiaomi's technology ecosystem into its automotive venture. This launch comes at a time when the EV market is witnessing intense competition and innovation, with companies like Tesla and BYD making headlines, and Tesla forming a partnership with CATL, dubbed by Morgan Stanley as a 'power couple' to re-charge the US EV market. Xiaomi's entry into the EV market is part of its broader strategy to become an industry leader by 2024, as stated by Xiaomi's CEO. The event has garnered significant attention, with Xiaomi's stock rally facing a key test following the announcement, amidst a backdrop of other significant technology and EV news from China, including Horizon's pursuit of a Hong Kong IPO, ByteDance's Feishu unit laying off staff, and a slump in China’s EV exports to the EU amid a probe. This move by Xiaomi is seen as a strategic step to diversify its product lineup and enter new markets amid the growing demand for electric vehicles worldwide, with the company's $8 billion stock rally indicative of the high stakes involved.
Watch live: Chinese tech company Xiaomi launches highly anticipated electric vehicle https://t.co/RKuYMx2xFl
Xiaomi’s $8 billion stock rally faces a key test when the Chinese smartphone giant unveils its first electric vehicle https://t.co/dDb9fdXGHC
China's latest EV is a 'connected' car from smart phone and electronics maker Xiaomi https://t.co/wm7CqOxekG
🇨🇳🚨‼️ Xiaomi SU7 electric car. It has a shared operating system with its phones, laptops and other devices. https://t.co/Fu4wk571Lx
Join the #XiaomiEVLaunch March 2024 LIVE now! https://t.co/KXxu25bquB
Tesla Stock Gains. BYD, Fisker, CATL, and Other Electric Vehicle News. https://t.co/KBjehe9QuH
Today's a special day for all of us at Xiaomi. It's been a journey of dedication and hard work from the entire team, and I'm incredibly proud of what we've achieved together. See you virtually at the #XiaomiEVLaunch livestream. https://t.co/E7JhioWG1Z
Just a few hours away from the #XiaomiEVLaunch. Join me for the livestream at 19:00, GMT+8. https://t.co/6Fnc2SqC15
Xiaomi Set for Plunge into EVs at a Tricky Time for China Autos https://t.co/t1XHC58NuO
See you at 7 PM tonight for the #XiaomiEVLaunch livestream!⚡️ https://t.co/RpCKzU50RY
Tesla $TSLA and $CATL: can this battery ‘power couple’ re-charge the US EV market? - Morgan Stanley https://t.co/Jqe80KZWj1 https://t.co/v7CNifcOIX
Xiaomi Pilot is making significant progress, standing out as one of the fastest in the EV industry. We aim to become an industry leader by 2024. I'll share more exciting details tomorrow during the launch event. https://t.co/ELCa7FfMtX
The technology news making headlines in China today includes: - Smart driving startup Horizon seeks Hong Kong IPO - ByteDance unit Feishu to lay off staff - China’s EV exports to EU slump amid probe https://t.co/ev0mvndjEf