- Sean 'Diddy' Combs sex trafficking trial set for May 2025
- Bolivia stun Colombia in World Cup qualifiers
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Greece earn late win against England in Nations League, Italy-Belgium stalemate
- Trump biopic 'The Apprentice' hits US theaters weeks before election
- Pavlidis dedicates 'special' Greece win over England to tragic Baldock
- Wall Street stocks retreat from records on US inflation data
- 'Like a quake': Beirut shaken after deadliest strikes on centre
- Fallen giants Ghana in AFCON trouble after Sudan draw
- Asian leaders meet in Laos with US, Russia on world turmoil
- England gamble backfires as Pavlidis fires emotional Greece to victory
- Obama stumps for Harris, Trump talks US protectionism
- New-look France ease past Israel in Nations League
- Belgium fight back to draw with 10-man Italy in Nations League
- 'Get a life': Hurricane whips up US election storm
- Japan stay perfect in World Cup qualifying
- Relief as Lebanon evacuees dock in Turkey
- Lebanon says 22 dead in Israeli strikes on central Beirut
- NBA boss Silver sees games back in China 'at some point'
- Israel strikes central Beirut, killing 22
- Table tennis and Netflix push Ukraine teen into French Open contention
- Civilians flee Gaza's Jabalia in tightening Israeli siege
- Israel strikes central Beirut, killing 18
- At least 10 dead in Florida from tornadoes caused by Hurricane Milton
- Warhol's rare 'Queen' collection opens at Dutch museum
- Three-time NBA champion Green retires
- MLB Twins up for sale after 40 years
- S.Sudan floods affect 893,000, over 241,000 displaced: UN
- Solar storm could impact US hurricane recovery efforts: agency
- Windies sweat on injury to 'crucial' Taylor at World Cup
- Lebanon says 11 dead, 48 injured in Israeli strikes on Beirut
- Panama lashes out at EU over tax haven 'outrage'
- Erdogan says Gaza 'shame of humanity', calls for permanent ceasfire
- TD Bank to pay more than $3 bn to US in money-laundering case
- SAfrica prosecutors drop criminal complaint against president
- 'Good opportunity': Nagelsmann upbeat despite Germany's long injury list
- Hurricane whips up bitter US election battle
- Cameroon bans media talk of president's health amid rumours
- NFL MVP Jackson and rookie phenom Daniels set for showdown
- Chad's capital under threat as floodwaters rise
- Lebanon state media says Israeli strikes hit central Beirut
- No answers on strike on reporters in Lebanon one year on: watchdog
- Ramharack picks four wickets as Windies beat Bangladesh in Women's T20 World Cup
- France's City of Light switches to climate-resilient power cables
- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
China's Xiaomi to enter cut-throat EV market for the first time
Chinese consumer tech giant Xiaomi will launch its first-ever EV at a press conference in Beijing Thursday, injecting itself into a fiercely competitive sector in the world's largest car market.
China's EV sector has grown rapidly in recent years -- propelled by purchasing subsidies that were discontinued in late 2022 -- and dozens of domestic automakers are engaged in a stiff price war to get ahead in a crowded market.
Xiaomi is known around the world for affordable smartphones and sleek home appliances, and CEO Lei Jun says he is now putting his "reputation on the line" with the SU7 EV, and challenging Chinese car giant BYD and Elon Musk's Tesla.
Sleek, sporty, and available in blue bay, olive green or elegant grey, the SU7 even includes "sound simulation", Lei says, "to recreate the thrill of driving a sports car".
Lei has not divulged the price, but has promised it will be "the best-looking, best-driving and smartest car" costing under 500,000 yuan ($69,200).
Analysts have said they expect it to come in at half that price.
"If my guess is correct, the 200,000 to 250,000 yuan range, that actually is the most competitive segment in the China EV space at the moment," Johnson Wan, an analyst at Jefferies Financial Group Inc, told Bloomberg.
China is now the world's largest producer of greenhouse gases, but officials plan for domestic car sales to be made up mainly of electric and hybrid models by 2035.
The launch of the SU7 comes just days after BYD, the world's top seller of EVs, posted record annual profits as it pushes a rapid expansion overseas into countries in Southeast Asia, as well as further afield in Latin America and Europe.
In a note attached to the earnings report, BYD CEO Wang Chuanfu acknowledged the year had not been all smooth sailing.
"At the beginning of the year, the recovery of automobile consumption was relatively lagging behind, affected by the switch in promotional policies and market price fluctuations," he wrote.
XPeng -- one of BYD's top competitors in China -- last week reported a net loss of 10.4 billion yuan ($1.4 billion) in 2023.
G.Stevens--AMWN