China’s smartphone maker Xiaomi unveils EVs even as Apple pivots

A month after the maker of the iPhone abandoned its decade-long project to build an Apple Car, its rival as the world’s third-largest smartphone maker has begun an audacious attempt to become a top-five auto manufacturer, with the debut of its first electric vehicle.

While EVs now account for about one-third of new car sales in the world’s biggest car market, analysts and executives have predicted a period of consolidation to hit both legacy carmakers and scores of newer entrants to the market. There are also fears in the US and Europe that as domestic demand growth slows in China, a wave of Chinese EV exports will flood international markets, raising fears over unfair trade practices and national security.

“Chinese companies are not afraid to try something that hasn’t been done before...while like Apple are too big to make quick decisions,” said Tycho de Feijter, an expert in the Chinese car market with Dutch think-tank Clingendael. However, analysts also point out the mismatch between Xiaomi’s existing value-conscious customer base and the SU7′s targeted buyers, whom Lei has described as a tech-savvy “elite” with selective tastes.

Xiaomi has the advantage of supply chain expertise in consumer electronics manufacturing that is now helping its car business. The SU7 has a range of up to 830km on a single charge, a top speed of 265 km/h and a zero-to-100km/h acceleration time of 2.78 seconds, which Counterpoint Research smartphone analyst Ivan Lam attributed to Xiaomi’s “perfect” partnerships with a range of suppliers, including battery giants CATL and BYD and electric motor maker Inovance.

“It’s an absolute necessity for Xiaomi, a publicly listed company, to look for the next boom spot,” said Lam, adding that the size of the auto market is 10 times that of the smartphone business.

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