Xiaomi, A Chinese Automaker, Aspires To Produce A Vehicle "As Good As" Tesla And Porsche.

The Chinese tech titans' attempts to get into the electric vehicle race are starting to pay off, as Xiaomi debuted its first electric car shortly after Huawei announced another one.

The SU7 sedan was introduced by Xiaomi on Thursday, after Huawei's Aito M9 SUV introduction two days prior. While both brands are well-known for producing smartphones and other consumer gadgets, the two have recently shown significant interest in the automotive industry.

Xiaomi said that in 2021, it will put $10 billion into an innovative electric vehicle subsidiary over the following decade.

At Thursday's launch event, CEO Lei Jun declared the start of a "new decade" for the company and expressed his goal of rising to the world's top five automakers within the next fifteen to twenty years.

"It's a fresh beginning for Xiaomi, and I do not doubt that everywhere you look in the world, you will see a Xiaomi vehicle."

Lei stated the company's goal of developing "a dream car that is as good as Porsche and Tesla" during the three-hour presentation.

It was acutely aware of the steep terrain it was traversing, he continued. Making a reliable vehicle is still a huge challenge, he informed the crowd.

Lei, however, compared the three vehicles' performance data onstage and implied that, after a few years, Xiaomi had developed a product comparable to the Model S from Tesla and the Taycan Turbo from Porsche.

"Inside China Auto" YouTube host and Shanghai-based automobile industry analyst Mark Rainford proclaimed Xiaomi's product "a winner" and predicted strong sales in China.

The car's ability to link with Xiaomi's devices was one of the reasons he thought it looked "very compelling on paper, both performance- and tech-wise," he added.

Rainford speculated that the corporation might be trying to reach a different demographic by developing a high-end product.

"It's evident they think they can compete with or even outdo the flagship models from Porsche and Tesla. That's quite a feat for a brand often seen as strong in consumer electronics but not necessarily premium," he continued.

Lei hinted that the model's pricing would be "a little bit high," but Xiaomi refrained from revealing it during the ceremony.

Huawei unveiled the Aito M9, a six-seater priced at 469,800 yuan (about $66,500), the same week the company debuted its electric car.

The Chinese tech giant boasted that its SUV had "the largest space performance in its class." He had high-end amenities like a projection screen that simulated the feeling of being in a movie theater without making passengers queasy. A statement released Tuesday states that the car also includes massaging chairs and double armrests so passengers may unwind while riding.

There has been a pricing war in recent months owing to intense competition and massive inventories in China's crowded auto market, the biggest in the world. The new vehicles will only add to the chaos.

To compete with Elon Musk's Tesla (TSLA), Huawei also unveiled an electric vehicle last month.

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