Xiaomi Corp. has announced its ambitions in the field of electric vehicles, aiming to make its first SU7 electric car one of the top three best-selling luxury electric vehicles in China, comparable to Tesla.

This information came from Bloomberg.

According to the company's plans, the debut Xiaomi SU7 electric car will go on sale on March 28.

Lei Jun, the company's co-founder, is preparing for a big game by entering the Chinese electric car market, where Tesla and BYD Co. are leading the way, Reuters reports.

Xiaomi also reported an unexpectedly strong 11% increase in revenue, driven by a 21% surge in smartphone sales. Net profit increased by 50%, exceeding forecasts.

The company expects these results to help it achieve its goals in the electric vehicle market.

Xiaomi is entering a saturated market that is becoming less attractive due to the price war between Tesla and BYD in the struggle for Chinese consumers amid slowing growth. In addition, Apple Inc. has terminated its long-term electric vehicle project after failing to translate its technological expertise into a completely new area of production.