After nearly a decade of effort, Apple abandoned its electric car project last year, canceling a venture that consumed $10 billion. In contrast, Chinese electronics giant Xiaomi successfully launched its first electric car, the SU7, in just three years. In 2024, Xiaomi delivered 135,000 vehicles and aims to double that number this year.
While the SU7 accounts for only a fraction of sales compared to China’s top EV makers, it has positioned Xiaomi as a serious competitor in the premium car market, challenging foreign automakers’ dominance. For instance, Porsche’s deliveries in China dropped nearly 30% following the SU7’s launch.
Recently, Xiaomi unveiled the high-end SU7 Ultra in Beijing, alongside a premium smartphone model. The company showcased the car’s performance by racing a prototype at Germany’s Nürburgring, claiming a record for the “fastest four-door sedan.”
However, Xiaomi faces challenges, losing $9,200 per car delivered, while Apple continues to enjoy healthy profit margins, as seen in its Q4 results. Despite this, Xiaomi’s bold move into the EV market highlights its ambition to innovate and compete globally.
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