Photos: Xiaomi unveils its first EV, with ambition to be China's Porsche or Tesla

The billionaire co-founder of Xiaomi Corp. unveiled the company's first electric vehicle Thursday, declaring ambitions to become a top global carmaker in 15 to 20 years and compete against Tesla Inc. and Porsche AG.

The SU7, which stands for Speed Ultra, rolled onto a stage at the China National Convention Center in Beijing with no drivers visible, ending a presentation by CEO and co-founder Lei Jun in front of thousands of people.

Lei spent hours detailing the car's features, which include a range of up to 800 kilometers (500 miles) on a single charge, adjustable spoilers, unique colors and a top speed of 265 kilometers an hour.

The five-seat sedan will be powered by batteries from Chinese market leaders Contemporary Amperex Technology Co. Ltd. and BYD Co., depending on whether it has a single or dual motor configuration.

Xiaomi's EV foray is a $10 billion wager by Lei that his company can shake up the transport sector much as it did smartphones a decade ago. Lei, also a prolific venture investor, has called it his final entrepreneurial bet.

"Xiaomi's goal is to make a dream car that is as good as Porsche and Tesla," Lei said Thursday at the launch event. But in the time since first announcing his EV plans in 2021, the regulatory landscape and competition in China "- the world's biggest car market "- have changed significantly.

Beijing has been limiting manufacturing permits to new market entrants, which means Xiaomi has to partner with state-owned Beijing Automotive Group Co. to produce its EVs. State subsidies that reimbursed consumers with as much as 60,000 yuan ($8,440) for an EV purchase ended in 2022. The SU7 is also vying for attention in a market that has hundreds of models from dozens of brands.

Lei has previously said Xiaomi intends the SU7 to rival Porsche's Taycan Turbo in terms of performance and Tesla's Model S in technology features. The Model S starts at 698,900 yuan and the Taycan at 898,000 yuan, which is much higher than the medium price bracket of 200,000 yuan to 300,000 yuan that many expect the SU7 to fall into. Xiaomi hasn't yet said how much the SU7 will cost. Lei hinted it could be anywhere between 99,000 yuan and 400,000 yuan.

The SU7 is due to go on sale next year and can go from 0 to 100 kph in 2.78 seconds, Lei said. It will come with a motor that has 21,000 revolutions a minute, which he said is higher than the Model S and Taycan Turbo. Xiaomi's factory uses gigacasting manufacturing pioneered by Tesla, developing a 9,100 ton system that it calls hypercasting.

Lei, who has dubbed the SU7 a "performance beast" on X, has signaled Xiaomi won't resort to undercutting competitors to get his vehicle off the ground. The car is aimed at people who has a penchant for technology, performance and taste, he said.