CHINESE COMPANY XIAOMI RELEASES FIRST ELECTRIC VEHICLE

Xiaomi is pushing into the overseas market by selling lower-priced models of their new electric vehicle. The US and EU have launched investigations into the Chinese EV industry.The Chinese electronics manufacturer Xiaomi released their first electric vehicle in China on Thursday, and began taking orders for the car via an app.

The company's first EV is called SU7 and is a sporty four-door sedan. The price of the vehicle is estimated by analysts at 300,000 yuan (E37,000, $40,000)

The low price should help to compete with the competition from overseas. Government subsides helped China to become the world's largest market for electric vehicles, with sales remaining mainly domestic.

Xiaomi plans on being in the top five worldwide automakers in the next 15 to 20 years.

'Human x Car x Home' ecosystem

Xiaomi is well known in China for their smartphones and other electronic devices.

"You probably don't know anyone in Beijing that doesn't have at least one Xiaomi product, be it a mobile phone, computer, TV, (air) purifier, or tablet," the founder of the Sino Auto Insights consultancy Tu Le told AP news agency.

He added that the company aims to integrate transportation into its product lineup, which is already an integral part of its customers' personal and professional lives.

Xiaomi plans to capitalize on their products by connecting the car with its phones and other technologies, creating what it terms a "Human x Car x Home" ecosystem.

EU and US critical of China's EV aspirations

While the EU is investigating Chinese subsidies to see if they let EVs made in China unfairly benefit in overseas markets, the US also announced an probe into Chinese-made connected cars.

They are concerned that the cars could gather sensitive information about the drivers.

"China's policies could flood our market with its vehicles, posing risks to our national security. I'm not going to let that happen on my watch," said US President Joe Biden.

China reacted to the allegations by filing a World Trade Organization complaint that alleges that US subsidies for electric vehicles unfairly disadvantage Chinese products.

as/wd (AP, AFP)

2024-03-28T19:03:28Z dg43tfdfdgfd