Chinese tech giant Xiaomi is to begin selling its first electric car, the SU7, at the end of this month, Xiaomi founder Lei Jun announced on the Weibo social media network on Tuesday.
Xiaomi shares rose in Hong Kong on the news that the electronics and software company was bringing cars of its own design to the market from March 28.
Known in China primarily for smartphones and electrical appliances, Xiaomi announced three years ago that it was developing its own electric vehicle.
The SU7, a four-door sedan being manufactured in cooperation with China's state-owned BAIC vehicle manufacturer, was presented in December.
China is the largest global market for electric cars and highly competitive as a result, with China's BYD and Tesla of the United States battling for predominance.
Other Chinese manufacturers have also entered the market, many offering large discounts to gain market share.
By contrast, US tech concern Apple cancelled its electric car project at the end of February after years of development.
German carmakers, whose petrol and diesel vehicles have in the past been popular in China, find themselves under pressure not only in the world's largest car market, but also in their home markets in Europe, as Chinese manufacturers begin exports to Europe.
