From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Xiaomi, a maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars with a sporty high-tech sedan.
The tech company said it would begin accepting orders in China on Thursday night, after founder Lei Jun wrapped up a presentation on the car by announcing the much-awaited price range: 215,900 yuan to 299,900 yuan (about US$30,000 to US$40,000).
Xiaomi said that it received 50,000 orders for the SU7 in the first 27 minutes after sales opened at 10 p.m. Beijing time (1400 GMT).
Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry's sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto companies.
Lei wasn't bashful about that challenge, saying that Beijing-based Xiaomi aims to become one of the world's top five automakers in the next 15 to 20 years. It's hard to make cars, he told an audience in a live-streamed presentation at a convention center, but added that it's cool to succeed.
The combined share of EVs and hybrids in China's auto sales is likely to reach 42% to 45% this year, up from 36% in 2023, according to Fitch Ratings. But the agency said in a December report that the competition could put pressure on automakers' short-term market share and profitability.
Lei said Xiaomi would lose money on the basic model at 215,900 yuan, a price that undercuts the Tesla Model 3 in China. He claimed the SU7 outperformed the Tesla in most categories, though the top-line version falls short of the Porsche Taycan.
"There's still a long way to go for our car to become a Porsche," he said, but that if Xiaomi keeps striving for five to 10 years, "we will eventually surpass Porsche one day."
Known for its affordable smartphones, smart televisions and other devices, Xiaomi aims to capitalize on that technology by connecting its cars with its phones and home appliances in what it calls a "Human x Car x Home" ecosystem.
Lei presented the SU7 as a high-performance vehicle with a long range, before highlighting its smart features, such as talking to a delivery person from the car when the doorbell rings at home. In a nod to the popularity of the iPhone, he said that the system would be compatible with Apple as well as Xiaomi phones.
Tu Le, the founder of the Sino Auto Insights consultancy, said that Xiaomi is trying to close the loop by adding transportation to a product mix already integrated into its customers' personal and professional lives.
"The ability to seamlessly be a continuous part of someone's life is the holy grail for tech companies," he said in an emailed response. "You probably don't know anyone in Beijing that doesn't have at least one Xiaomi product, be it a mobile phone, computer, TV, (air) purifier, or tablet."
As a newcomer to automaking, the company is making an educated guess that it can design and develop a car that will sell, he said. Given the sluggish Chinese economy and an ongoing EV price war, he predicted it would take a year or two to see if Xiaomi can adapt to correct any missteps and succeed.
"They are a technology company, so that's their advantage, but they need to reconcile that with drinking through a fire hose to learn how to be a tech company that builds cars," Le said.
CreditSights, a financial research firm, said that it expects Xiaomi's EV division to sell 60,000 vehicles in its first year and lose money for its first two years because of high marketing and promotion costs.
Chinese automakers trying to expand abroad face political headwinds.
The European Union is investigating Chinese subsidies to determine if they give made-in-China EVs an unfair market advantage overseas. The U.S. announced an investigation last month into Chinese-made connected cars that it says could gather sensitive information about their drivers.
"China is determined to dominate the future of the auto market, including by using unfair practices," President Joe Biden said when the U.S. investigation was announced. "China's policies could flood our market with its vehicles, posing risks to our national security. I'm not going to let that happen on my watch."
China pushed back this week, filing a World Trade Organization complaint that alleges that U.S. subsides for electric vehicles discriminate against Chinese products.
The U.S. Defense Department put Xiaomi on a blacklist in 2021 over alleged links to China's military, but removed it a few months later after the company denied the links and sued the U.S. government.
--------
Associated Press researcher Yu Bing and video producer Caroline Chen contributed to this report.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.