Chinese technology conglomerate Xiaomi (OTC:XIACF) is poised to make a significant impact in the electric vehicle (EV) industry with its first car, the Modena. The company received government approval for production last month and is expected to unveil the vehicle in either October or November this year.
The Modena, code-named MS11, has been under development since Xiaomi announced its EV plans two years ago. It is set to compete with vehicles such as the Tesla (NASDAQ:TSLA) Model 3 and BYD (SZ:002594) Seal, with a starting price of around 200,000 yuan ($27,400). The car features include prominent LED headlights, a sleek front bumper, flush door handles, a roof-mounted LiDAR system, and a panoramic glass roof similar to the Model 3.
The EV will be powered by a robust 101 kWh ternary battery, supported by an 800-volt electrical architecture. While specific power and torque figures remain undisclosed, early estimates suggest an impressive range of up to 800 km (497 miles) on a single charge.
Xiaomi has already started trial production of the Modena at a new factory in Beijing. The tech giant aims to produce 100,000 units next year and is currently hiring workers experienced in the automotive industry. Despite the limited output of approximately 50 prototypes per week at present, Xiaomi is well on track to secure approval from China's Ministry of Industry and Information Technology (MIIT) within the next couple of months.
The company has also hinted at plans for an international launch, including in major American and European markets. However, it remains uncertain whether Xiaomi will introduce the Modena to India, a market it considers important in the electronic segment.
Xiaomi's entry into the EV sector positions it as one of the first tech giants to build an electric vehicle from scratch. Rival Apple (NASDAQ:AAPL) is expected to follow suit in 2025 or 2026, while Huawei is also involved in the car manufacturing business, but collaborates with traditional carmakers and supplies the software to power smart capabilities.
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