newsinsightplus.com 10bn54836.The March 28, 2024 0 Comments BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceXiaomi: the Chinese smartphone giant taking on TeslaPublished13 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, The SU7 is technology giant Xiaomi’s first electric carBy Mariko OiBusiness reporterChinese smartphone maker Xiaomi is set to launch its first electric vehicle (EV) and begin taking orders on Thursday.Its chief executive Lei Jun said this week that the Speed Ultra 7 (SU7) would be priced below 500,000 yuan ($69,186; £54,836).The move will see the technology giant taking on rivals like Tesla and BYD.Xiaomi’s entry into the electric car market comes as sales growth has slowed globally, triggering a price war.The firm is hoping that the SU7’s shared operating system with its phones, laptops and other devices will appeal to existing customers.Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint.The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche’s Taycan and Panamera sports car models.It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year.”While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,” Bill Russo of Automobility told the BBC.In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.Mr Russo added that Xiaomi’s entry into the car market reflects its confidence “in the relevancy for their brand” in China while Apple did not see enough potential in the EV market outside of China.Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years.”The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,” said Abhishek Murali from research firm Rystad Energy. “For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.” The launch of Xiaomi’s first car comes as a price war in China’s EV market has been intensifying.Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world’s top-selling EV maker BYD have slashed prices.The world’s biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players.Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year.Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China’s economic growth weakens.American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week.At the same time, governments around the world are pushing back against imports of foreign-made EVs.On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest “discriminatory subsidies” under the US Inflation Reduction Act.Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country’s electric car makers undercut European-made models.Related TopicsInternational BusinessXiaomiElectric carsChina economyTop StoriesDivers recover bodies in Baltimore bridge collapse watersPublished4 hours agoPupil behaviour getting worse, say teachersPublished3 hours agoKing sends ‘hand of friendship’ recorded messagePublished5 hours agoFeaturesThe Papers: Sewage ‘outrage’ and ‘King calls for kindness’ The families borrowing to pay for careFather of three among Baltimore bridge victimsUS guns pour into Haiti, fuelling surge in violenceBill Nighy on playing an England manager with a differenceI’m not ashamed of who I am any more, says LionessWhy some Tory MPs are stepping downLost IRA film shows planting and detonation of bombAfter Moscow attack, migrants from Central Asia hit by backlashElsewhere on the BBCDid The Terminator predict the future correctly?!Beth Singler explores the creation and enduring influence of the film, 40 years after its releaseAttributionSoundsBlowing the lid on a baffling online scamPolly Weston’s determined to get to the bottom of the con involving a £138 dehumidifierAttributionSoundsCan you sort these monarchs into the correct order?Test your memory and reorder ten royal faces, from the earliest to the most recentAttributionBitesizeThe dressing room killing which shook wrestling’Villain of the ring’ Bruiser Brody’s extraordinary life, legend and deathAttributionSoundsMost Read1Gogglebox star, 40, dies after fall from height2Pupil behaviour getting worse, say teachers3Man seriously injured after stabbing on London train4France to sue teen over headscarf row claim5Son ‘numb’ as whole-life killer may be released6King sends ‘hand of friendship’ recorded message7Sewage ‘outrage’ and ‘King calls for kindness’8Divers recover bodies in Baltimore bridge collapse waters9Australia debates seizure of Insta-famous magpie10Girl, 10, left inoperable after surgery axed seven times [ad_1] Xiaomi’s entry into the electric car market comes as a price war has been intensifying. 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newsinsightplus.com 10bn54836.The March 28, 2024 0 Comments BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceXiaomi: the Chinese smartphone giant taking on TeslaPublished13 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, The SU7 is technology giant Xiaomi’s first electric carBy Mariko OiBusiness reporterChinese smartphone maker Xiaomi is set to launch its first electric vehicle (EV) and begin taking orders on Thursday.Its chief executive Lei Jun said this week that the Speed Ultra 7 (SU7) would be priced below 500,000 yuan ($69,186; £54,836).The move will see the technology giant taking on rivals like Tesla and BYD.Xiaomi’s entry into the electric car market comes as sales growth has slowed globally, triggering a price war.The firm is hoping that the SU7’s shared operating system with its phones, laptops and other devices will appeal to existing customers.Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint.The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche’s Taycan and Panamera sports car models.It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year.”While getting this far is itself quite an achievement, the ultimate achievement would be to demonstrate that there is a consumer market for Xiaomi as a smart EVs brand,” Bill Russo of Automobility told the BBC.In an indication of the challenges facing technology firms who want to make electric cars, iPhone maker Apple last month reportedly cancelled its plans to build an EV.Mr Russo added that Xiaomi’s entry into the car market reflects its confidence “in the relevancy for their brand” in China while Apple did not see enough potential in the EV market outside of China.Xiaomi has said it will invest $10bn (£7.9bn) in its vehicles business over the next 10 years.”The Chinese EV market is very mature and creates a very stable ecosystem for the EV manufacturers,” said Abhishek Murali from research firm Rystad Energy. “For example, the battery supply chain is very strong, and the charging network in the country is also growing to meet the growing EV feed.” The launch of Xiaomi’s first car comes as a price war in China’s EV market has been intensifying.Tesla, which is headed by multi-billionaire Elon Musk, has cut the cost of its cars in China by thousands of dollars in recent months as local rivals like the world’s top-selling EV maker BYD have slashed prices.The world’s biggest car market is already crowded so Xiaomi is one of the few new prospective entrants to gain approval from authorities as officials try to curb a flood of new players.Earlier this week, BYD posted record annual profits but said growth had slowed towards the end of last year.Shanghai-based electric car maker Nio on Wednesday lowered its forecast for first quarter deliveries as consumers tightened spending as China’s economic growth weakens.American EV giant Tesla is due to announce its delivery numbers for the first three months of 2024 next week.At the same time, governments around the world are pushing back against imports of foreign-made EVs.On Tuesday, Beijing initiated dispute settlement proceedings against the US at the World Trade Organization to contest “discriminatory subsidies” under the US Inflation Reduction Act.Meanwhile, the European Union has launched an investigation into whether Chinese government subsidies have helped the country’s electric car makers undercut European-made models.Related TopicsInternational BusinessXiaomiElectric carsChina economyTop StoriesDivers recover bodies in Baltimore bridge collapse watersPublished4 hours agoPupil behaviour getting worse, say teachersPublished3 hours agoKing sends ‘hand of friendship’ recorded messagePublished5 hours agoFeaturesThe Papers: Sewage ‘outrage’ and ‘King calls for kindness’ The families borrowing to pay for careFather of three among Baltimore bridge victimsUS guns pour into Haiti, fuelling surge in violenceBill Nighy on playing an England manager with a differenceI’m not ashamed of who I am any more, says LionessWhy some Tory MPs are stepping downLost IRA film shows planting and detonation of bombAfter Moscow attack, migrants from Central Asia hit by backlashElsewhere on the BBCDid The Terminator predict the future correctly?!Beth Singler explores the creation and enduring influence of the film, 40 years after its releaseAttributionSoundsBlowing the lid on a baffling online scamPolly Weston’s determined to get to the bottom of the con involving a £138 dehumidifierAttributionSoundsCan you sort these monarchs into the correct order?Test your memory and reorder ten royal faces, from the earliest to the most recentAttributionBitesizeThe dressing room killing which shook wrestling’Villain of the ring’ Bruiser Brody’s extraordinary life, legend and deathAttributionSoundsMost Read1Gogglebox star, 40, dies after fall from height2Pupil behaviour getting worse, say teachers3Man seriously injured after stabbing on London train4France to sue teen over headscarf row claim5Son ‘numb’ as whole-life killer may be released6King sends ‘hand of friendship’ recorded message7Sewage ‘outrage’ and ‘King calls for kindness’8Divers recover bodies in Baltimore bridge collapse waters9Australia debates seizure of Insta-famous magpie10Girl, 10, left inoperable after surgery axed seven times [ad_1] Xiaomi’s entry into the electric car market comes as a price war has been intensifying. Continue reading