Xiaomi to roll out its first EV on March 28

Chinese tech company Xiaomi's first electric vehicle, the SU7, will be formally launched on March 28, Lei Jun, founder and CEO of Xiaomi, said in a post on social media platform Sina Weibo.

The model will be available for pre-order in 59 Xiaomi stores in 29 Chinese cities simultaneously.

Xiaomi unveiled its plan to build vehicles in 2021 and displayed the first EV at pre-news conference on Dec 28. However, the car price, a factor that catches the public's attention, was not announced.

In an interview with CCTV last December, Lei said the company has spent over 10 billion yuan ($1.4 billion) on the first model, with over 3,400 engineers involved.