Xiaomi Unveils Its First EV, With Ambition to Be China's Porsche or Tesla - Bloomberg

The billionaire co-founder of Xiaomi Corp. unveiled the company’s first electric vehicle Thursday, declaring ambitions to become a top global carmaker in 15 to 20 years and compete against Tesla Inc. and Porsche AG.

The SU7, which stands for Speed Ultra, will be powered by batteries from Chinese market leaders Contemporary Amperex Technology Co. Ltd. and BYD Co., depending on whether it has a single or dual motor configuration.

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