Xiaomi's CEO, Lei Jun, revealed ambitious goals for the company's debut electric vehicle (EV), aiming for it to be the "best looking, easiest to drive, and smartest car" priced below 500,000 yuan ($69,424). The EV, named the SU7, is set to commence orders this week, with the company announcing its official price range on Thursday.

Lei Jun's remarks, shared on his official Weibo account, provide insight into Xiaomi's strategy to enter the EV market competitively. The SU7, short for Speed Ultra, is poised to challenge established players with its promise of cutting-edge technology and performance comparable to top-tier competitors like Tesla and Porsche.

Anticipation has been mounting since Xiaomi unveiled the SU7 in December, underscoring the company's ambitions to become one of the world's top five automakers. The vehicle's sleek design and advanced features have garnered attention, with Xiaomi stores in China showcasing the "ocean blue" version to eager customers and automotive enthusiasts.

The SU7 will be available in two variants, offering impressive driving ranges of up to 668km (415 miles) and 800km on a single charge, respectively. This places Xiaomi in direct competition with established EV manufacturers, such as Tesla, signaling its commitment to delivering cutting-edge technology and performance.

Xiaomi's foray into the EV market aligns with its broader strategy to diversify its offerings amid evolving consumer preferences and market dynamics. With smartphone demand plateauing, the company's pivot towards EVs represents a strategic opportunity to capitalize on China's growing electric vehicle market.

Partnering with state-owned automaker BAIC Group for production, Xiaomi aims to leverage its expertise in technology and innovation to carve out a significant presence in the EV space. The company's $10 billion investment pledge underscores its long-term commitment to automotive innovation and sustainability.

As Xiaomi prepares to enter the competitive EV market, its bold vision and strategic partnerships position it as a formidable contender, poised to disrupt the industry with its innovative approach and cutting-edge technology.