Chinese tech giant Xiaomi has officially entered the electric vehicle (EV) market by introducing its first electric car, the SU7. 

The highly anticipated sedan is expected to leverage Xiaomi's popular phone operating system, marking a significant step toward the company's ambitious goal of becoming one of the world's top five automakers.

While outlining the company's big ambitions, Xiaomi CEO Lei Jun expressed the desire to create "a dream car comparable to Porsche and Tesla." Despite the challenges posed by a capacity glut and slowing demand in the global auto market, Xiaomi is determined to make a mark in the industry. The autonomous driving capabilities of Xiaomi cars are touted to be at the forefront of the automotive industry, promising a unique and advanced driving experience.

The SU7 will be manufactured by a unit of the state-owned BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles. Xiaomi's foray into electric vehicles is part of its broader strategy to diversify beyond smartphones, with a $10 billion investment earmarked for the automotive sector over the next decade.

As the electric vehicle market experiences rapid growth, Xiaomi is positioning itself as a key player, offering consumers a compelling alternative in the ever-evolving landscape of sustainable transportation.