Chinese phone maker Xiaomi unveiled its first electric vehicle today and immediately announced its intention to become one of the world's top five automakers.

Called SU7, the sedan is a long-awaited model that is expected to make the most of the common operating system with the company's popular phones.

Introducing #XiaomiSU7 Aqua Blue! Who's falling for it? pic.twitter.com/eh8yipYMSY

- Xiaomi (@Xiaomi) December 28, 2023

However, the car makes its debut at a time when the world's largest auto market is struggling with overcapacity and slowing demand that has fueled a major price war.

"With hard work in the next 15 to 20 years, we will become one of the world's top five automakers, striving to uplift the entire Chinese auto industry," CEO Lei Yun said at the launch of the SU7.