Xiaomi, the Chinese technology giant, recently announced that it will start deliveries of its first electric vehicle (EV) known as Speed Ultra 7 (SU7) this month. 

The car's pricing details are expected to be unveiled on March 28, as Xiaomi positions itself to enter the competitive automotive market. With 59 stores spread across 29 cities in China, the company is gearing up to commence order placements.

This move comes amidst an escalating price competition among major players like BYD and Tesla within China. At the debut of the Speed Ultra 7 (SU7) last year, Xiaomi's CEO Lei Jun expressed the company's ambitious goal of securing a spot among the top five car manufacturers globally. Xiaomi also has plans for US$10 billion investment over the next decade in its automotive division.

Moreover, Xiaomi anticipates that the integration of its car's operating system with its existing smartphones and devices will resonate with its customer base. The SU7 by Xiaomi will be produced by a unit of state-owned car manufacturer BAIC Group at a Beijing plant which has an annual capacity of producing up to 200,000 vehicles.