Chinese technology giant Xiaomi is set to launch its first electric vehicle, SU7, by the end of March.
Upon the news on Tuesday by Xiaomi’s founder, Lei Jun, the company’s shares has increased as they set to release the cars on March 28.
Xiaomi had revealed its plans to develop electric vehicles three years ago, and the SU7, a four-door sedan produced in collaboration with China’s state-owned BAIC vehicle manufacturer, was unveiled in December.
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China, being the largest market globally for electric cars, sees fierce competition between local players like BYD and international contenders like Tesla from the United States.
Other Chinese manufacturers have also entered the electric vehicle market, offering significant discounts to expand their market presence.
Meanwhile, Apple, the U.S. tech giant, recently terminated its electric car project after years of development, while German automakers, previously popular in China for their traditional petrol and diesel vehicles, face increasing pressure in the market.
