Chinese smartphone giant Xiaomi has officially entered the electric vehicle (EV) market with the much-anticipated launch of its first electric car, the SU7. The unveiling took place at a grand event in Beijing on Thursday, where Xiaomi CEO Lei Jun expressed the company’s bold vision to secure a spot among the world’s top five automakers.

The SU7, a sleek sedan, is poised to leverage Xiaomi’s technological prowess by integrating a shared operating system with the company’s immensely popular smartphones. This synergy aims to offer a seamless and interconnected experience for users transitioning between their devices and vehicles.

Despite entering the market during a challenging period characterized by a capacity glut and slowing demand, Lei Jun remained undeterred. The Chinese tech giant, known for its innovation in smartphones and other electronic devices, is now setting its sights on the automotive industry. “By working hard over the next 15 to 20 years, we will become one of the world’s top five automakers, striving to lift China’s overall automobile industry,” Lei declared with confidence.

Xiaomi had first signaled its foray into the EV sector in 2021, committing a substantial $10 billion investment over the next decade. As one of the few new players in China’s EV market, Xiaomi aims to navigate a landscape where authorities have been cautious about exacerbating the existing supply glut.

During the launch event, Lei Jun emphasized the autonomous driving capabilities of Xiaomi’s cars, positioning them at the forefront of the industry. This move aligns with the broader trend among automotive manufacturers to integrate advanced driver-assistance systems and autonomous features into their vehicles.

To bring its vision to reality, Xiaomi has partnered with a unit of the state-owned vehicle maker BAIC Group. The Xiaomi-branded cars will roll off the production line at a Beijing factory with an annual capacity of 200,000 vehicles. This collaboration underscores Xiaomi’s commitment to leveraging the expertise and infrastructure of established players in the automotive sector.

Xiaomi’s entry into the market signifies the growing convergence between the technology and automotive industries. The SU7 is not merely a car; it represents Xiaomi’s ambition to create a dream car on par with established names like Porsche and Tesla. As the company navigates the automotive landscape, industry observers will be keenly watching to see how Xiaomi’s innovative approach reshapes the future of electric mobility.