Chinese smartphone maker Xiaomi unveiled its first electric vehicle and immediately announced its intention to become one of the world's top five car manufacturers.
The sedan, called the SU7, is a long-awaited model that is expected to make the most of a shared operating system with the company's popular phones.
Still, the car makes its debut at a time when the world's largest auto market is struggling with overcapacity and slowing demand that have fueled a major price war, N1 reports.
"By working hard in the next 15 to 20 years, we will become one of the world's top five automakers, striving to uplift the entire Chinese automobile industry," CEO Lei Jun said at the launch of the SU7.
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