The billionaire co-founder of Xiaomi Corp. unveiled the company's first electric vehicle (EV) Thursday, declaring ambitions to become a top global carmaker in 15 to 20 years and compete against Tesla Inc. and Porsche AG.
The SU7, which stands for Speed Ultra, will be powered by batteries from Chinese market leaders Contemporary Amperex Technology Co. Ltd and BYD Co., depending on whether it has a single or dual motor configuration.
Xiaomi's EV foray is a $10 billion wager by chief executive and co-founder Lei Jun that his company can shake up the transport sector much as it did smartphones a decade ago. Lei, also a prolific venture investor, has called it his final entrepreneurial bet.
But in the time since first announcing his EV plans in 2021, the regulatory landscape and competition in China the world's biggest car market-have changed significantly.
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