The Chinese electronics company Xiaomi has announced the start of sales of its first electric car at the end of March. Xiaomi boss Lei Jun (54) announced on Tuesday on the Chinese online service Weibo that the Xiaomi SU7 would be in stores from March 28th. A photo of the car, which had already been presented in December, was also shown.
In response to the news, Xiaomi shares jumped nearly 10 percent on the Hong Kong Stock Exchange on Tuesday.
The Xiaomi electric car is produced by the Chinese car company BAIC, and the batteries are supplied by the Chinese car manufacturer BYD and the Chinese battery specialist CATL. Xiaomi boss Lei said his company wants to become one of the fifth largest electric car manufacturers in the world in the next 10 to 20 years.
China is the largest market for electric cars. There are already dozens of providers such as BYD and Nio in the People’s Republic.