Xiaomi has introduced its first electric car, following Huawei's recent launch of its own electric vehicle. Both Chinese tech giants are expanding into the electric vehicle market, despite their backgrounds in smartphones and consumer electronics. Xiaomi announced earlier this year that it plans to invest $10 billion into a subsidiary focused on smart EVs. CEO Lei Jun expressed hopes of becoming one of the world's top five automakers in the next 15 to 20 years. The company aims to create a high-quality car comparable to Porsche and Tesla. While Xiaomi did not disclose the price of its electric car, industry commentators believe it will be successful in the Chinese market. Huawei, on the other hand, launched the Aito M9 SUV with premium features such as a cinema-like projection screen and massage-function seats. Both companies are entering a competitive Chinese auto market that has seen price wars due to intense competition and high inventories.
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