Smartphone maker Xiaomi on Thursday unveiled its first electric vehicle SU7, which will hit the streets in 2024.
The price of the luxury vehicle was not disclosed at the event.
However, the company's CEO hinted it to be "a little bit higher."
SU7, pronounced as "Sue Qi" in Mandarin is expected to beat Porsche's Taycan and Tesla's Model S in acceleration, CEO Lei Jun said.
In 2021, the company revealed its plan to enter the EV industry by initially investing RMB 10 billion ($1.4 billion) and investing a further RMB 70 billion over the next 10 years.
During the launch, Jun said the company is seeking to become one of the world's top five car makers within the next 15 to 20 years and its goal is to make a dream car as good as Porsche and Tesla.
The company is collaborating with Beijing Automotive Industry Holding Co. (BAIC) to manufacture the SU7.
Earlier this week, another popular smartphone maker Huawei had launched Aito M9, a six-seater vehicle priced starting at $66,500.
China's EV industry is bustling with competition on the arrival of new automakers, in addition to current domestic automakers BYD, Wuling and Zeekr.
