April 25, 2024
Economy

Xiaomi’s EV Debut Shifts Connected Economy Into High Gear


Following recent reports of Apple discontinuing its decade-long Project Titan, its rival, Chinese tech giant Xiaomi, has swiftly entered the electric vehicle (EV) market with the formal launch of its much-anticipated electric car at an event in Beijing.

With a competitive starting price of 215,900 yuan (about $29,860), Xiaomi aims to position the Speed Ultra 7 (SU7) sedan as a strong contender in the global EV space, offering consumers an attractive alternative to existing options like Tesla’s Model 3 sedan. 

And it appears the market response to Xiaomi’s venture has been robust, with 50,000 units preordered within 27 minutes of sales commencing on March 27, Xiaomi announced on Weibo, and reaching 88,898 within the first 24 hours. 

This strong demand has resulted in potential buyers facing wait times of four to seven months, Reuters said in a Monday (April 1) report, indicating significant interest in the company’s first-ever EV brand.

Despite the competitive EV environment, analysts note Xiaomi’s financial strength and expertise in smartphones as key advantages. 

In fact, the seamless integration between Xiaomi’s mobile ecosystem and the SU7 promises enhanced user experience, particularly with regard to smart dashboards, a feature highly valued by Chinese consumers.

Moreover, Xiaomi’s tech extends beyond the confines of the vehicle, integrating into the company’s “Human x Car x Home” smart ecosystem, first unveiled at the Mobile World Congress (MWC) 2024 event in Barcelona earlier this year. 

According to Xiaomi, this innovation, which “integrates over 200 product categories incorporating 600 million global devices, and covering more than 95% of user scenarios,” aims to seamlessly connect individuals, cars and homes, creating unmatched end-to-end connectivity across various aspects of consumers’ lives.

Imagine controlling the thermostat, checking surveillance cameras, or even initiating household chores — all while cruising down the highway. This potential to transform the mundane act of commuting into a multifaceted experience could redefine the way consumers perceive travel, blurring the lines between functionality and leisure.

The SU7’s integration with existing Xiaomi smart home devices further enhances its appeal, offering users a cohesive ecosystem where each component complements the other. 

This interoperability aligns with the evolving expectations of connected consumers, who increasingly demand seamless integration across every facet of their daily routines. 

Notably, PYMNTS research has found that the average commuter possesses about 80% more connected devices compared to non-commuters, highlighting the growing reliance on interconnected technology in modern life.

In essence, Xiaomi’s SU7 sedan, alongside its Human x Car x Home smart ecosystem, represent a milestone in the progression toward a fully connected future, heralding a era when the seamless integration of technology fosters new possibilities, reshaping the way consumers live, work and interact with their surroundings.



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