Chinese electronics major Xiaomi will start deliveries of its first electric vehicle by the end of March, marking its highly-anticipated entry into a market currently experiencing a downturn.
The world's third-biggest manufacturer of smartphones will officially release the SU7 EV on March 28, its founder and chief executive Lei Jun said on Chinese social media site Weibo.
The SU7 was first announced in December, with its images revealed at the CES in Las Vegas in January before it was finally unveiled at the Mobile World Congress in Barcelona last month.
Xiaomi's entry comes amid a stall in the EV market with manufacturers trying to offer more value for money to resurrect the sector.
Last week, US EV maker Rivian Automotive unveiled the new line-up of its most affordable sport utility vehicles, aiming to challenge the dominance of Elon Musk's Tesla Motors.
Xiaomi is also keen to take on the growing number of rivals in the Chinese EV industry, led by BYD, the country's biggest, which overtook Tesla as the world's biggest EV seller in the fourth quarter of 2023.
"The most important thing is real smart technology to meet the public’s real expectations for Xiaomi and new energy vehicles," Mr Lei said in the Weibo post.
The Xiaomi SU7
The SU7 – SU meaning Speed Ultra – is Beijing-based Xiaomi's first foray into the EV market. The company said it spent more than 10 billion yuan ($1.4 billion) in the vehicle's research and development phase.
The company is positioning the EV as a "full-size high-performance eco-technology sedan" and aims to "push the limits of performance, ecosystem and mobile smart space".
The SU7 is manufactured by another Chinese industry major, car maker Baic, which also has its own EU5 EV.
Its batteries are supplied by two other important players – domestic major CATL and BYD.
Key features
Xiaomi promises that the SU7's battery has a range of up 800km – nearly double that of the Baic EU5's 450km and above the 647km of the Tesla Model S, the company's longest-range EV.
It has a maximum speed of 210kph.
The five-seater EV is also equipped with an in-house battery management system that, among others, has the highest functional safety level and an around-the-clock early warning system, Xiaomi said.
Its engine is a self-developed HyperEngine V6, which Xiaomi says will rival traditional V6 powertrains of internal combustion engines.
A traditional V6 powertrain has a power of between 172 and 485 horsepower. Xiaomi says the SU7 has a peak output of 295 HP.
Xiaomi is also developing a higher-end HyperEngine V8, whose output "sets a global record for e-motors". The company said this motor is scheduled to be mass-produced and used in Xiaomi EVs in 2025.
The SU7's autonomous driving capabilities, meanwhile, are centred on Xiaomi's own take on adaptive BEV technology, a road-mapping foundational model and super-resolution occupancy network innovation.
These three technologies will help the SU7 in different scenarios such as high-speed conditions and parking, switching driving trajectories without relying on high-definition maps, and improved obstacle recognition.
How much is the Xiaomi SU7?
Neither Xiaomi nor Mr Lei have announced the price of the SU7.
However, it is expected to be priced between 250,000 yuan (nearly $35,000) and 370,000 yuan, the South China Morning Post reported, quoting data from Shanghai-based financial news outlet Jiemian.
That compares to the made-in-Shanghai Tesla Model 3's price range of 245,900 yuan to 285,900 yuan.
The company has "made full preparations in all aspects" of its price points, Mr Lei said on Weibo.
Xiaomi is also reportedly targeting other overseas markets. But it is unclear which ones are on the radar and when the SU7 will be available in those regions.
Xiaomi, which opened its biggest Middle East store in Dubai last year, has yet to respond to The National's request for comment on the SU7's availability in the Emirates and the wider Middle East.
First Person
Richard Flanagan
Chatto & Windus
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
The Freedom Artist
By Ben Okri (Head of Zeus)
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
Mohammed bin Zayed Majlis
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
UAE currency: the story behind the money in your pockets
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
'Of Love & War'
Lynsey Addario, Penguin Press
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
