Chinese smartphone company Xiaomi will launch its debut EV on 28 March, CNBC reports. The SU7 will be available for delivery immediately upon release, and a waitlist has been opened at 59 stores across 29 cities in China. No price tag or delivery date have been revealed yet.

The specs: The electric sedan has three e-motors available, with the HyperEngine V8s achieving a global record maximum speed of 27.2k rpm, 425 kW output, and 635N·m peak torque, according to a company statement. Xiaomi's self-developed HyperEngine V6 and V6s e-motors offer a maximum power of 374PS and maximum torque of 500N·m. The vehicle’s cell-to-body (CTB) battery capacity reaches up to 150 kWh and has a China light-duty vehicle test cycle (CLTC) recharge range of over 1.2k km. The SU7 also features autonomous driving capabilities and a “smart cabin” featuring a 16.1-inch 3K central console, a 56-inch HUD head-up display, and a 7.1-inch rotating dashboard.

Xiaomi is pulling off what Apple couldn’t: Apple recently terminated its electric car project, Titan, after decade-long efforts to develop fully autonomous EVs. Challenges in design and self-driving technology, coupled with a slowing EV market as a result of high prices and a lack of accessible charging infrastructure, was behind the giant tech maker’s project's discontinuation.

But the EV market isn’t looking so good: Demand for EVs is no longer at its peak and the rate of growth is slowing, Reuters writes. Sales rose only 30% in 2023, compared to 60% in 2022. In Xiaomi's domestic market, analysts predict a tough scenario with aggressive price competition, potentially reducing the company's 5% operating profit margin even further.

Connectivity could give Xiaomi an edge: The company introduced a new operating system that integrates its smartphones, cars, and other products back in October, Reuters reports. The SU7 model can connect to over 1k Xiaomi devices, but users also have the option to use other devices like iPhones. This connectivity offers a significant advantage, especially in China's premium vehicle segment, where internet-connected features are considered as crucial as traditional factors like steering, fuel efficiency, and maintenance costs, according to a recent report by McKinsey.

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