Xiaomi, the Chinese tech giant best known for its smartphones, sent its shares soaring after it announced a delivery date for its first-ever electric vehicle on Tuesday.
The company will start selling its SU7 four-door sedan in China on March 28, according to a social media post from Xiaomi CEO Lei Jun. The launch of the SU7 comes three years after the company pledged to enter the car-making business.
“As we approach the 3rd anniversary of our EV-manufacturing journey, ‘Fight for Xiaomi EV’ continues to fuel me and the team,” Lei wrote on X on Tuesday. “We remain determined to make a great car!”
Xiaomi has not yet announced a price tag for the SU7, which it revealed in December at its technology conference. The EV’s sticker price will be announced on March 28 at Xiaomi’s launch event.
Xiaomi stock surged more than 11% in Hong Kong on Tuesday.
The Beijing-based company is just the latest to get involved in China’s burgeoning EV market, which is seeing an ongoing price war led by Shenzhen-based BYD and its U.S. rival Tesla. Retail sales of EVs and plug-in hybrids dropped 12% year-over-year in China last month, weakened by waning demand and the Chinese Lunar New Year holiday.
At the December unveiling of the SU7, Lei said Xiaomi plans to become one of the world’s top five automakers, touting the new sedan’s potential. Xiaomi has said the SU7 has “super electric motor” technology that will allow it to accelerate faster than Tesla and Porsche’s respective EV offerings.
The automaker-to-be has pledged to invest $10 billion to produce cars over a decade, and last year it became one of the few new players in China’s EV market to win approval from the government. The SU7 will be made by BAIC Group, a state-owned automaker, in a Beijing facility capable of building 200,000 EVs annually.