PIF announces pricing of $1.25 billion international sukuk offering    GAMI is organizing Saudi pavilion at Athens International Defense and Security Exhibition    Businesses count costs as India and Bangladesh impose trade restrictions    Israel fires largely controlled after mass evacuations    Donald Trump looms large over Australia's election    Trump ousts Waltz as national security adviser, nominates him for UN post    Saudi economy posts 2.7% growth in 1Q 2025    Saudi Arabia to rehabilitate six hospitals in Sudan    New Parkinson's Pump therapy introduced at King's College Hospital London in Dubai First-of-its-kind treatment offers a new lease on life for the youngest Parkinson's patient in the UAE and MENA region    Over 650,000 visit Saudi Arabia's 'Jusoor' exhibition in Jakarta in just six days    Makkah Mayoralty approves 3,149 Hajj housing permits for over 1.8 million pilgrims    King Charles sends heartfelt message to fellow cancer patients    FlyAkeed unveils AkeedAI at ATM Dubai — redefining the future of corporate travel with agentic intelligence    Al Nassr crash out as Kawasaki Frontale reach AFC Champions League Elite final    HR Ministry approves regulations for job ads and interviews in private sector    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Xiaomi: Chinese smartphone giant taking on Tesla
Published in The Saudi Gazette on 28 - 03 - 2024

Chinese 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.
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. — BBC


Clic here to read the story from its source.