Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Technology

Posted By Jessica Weisman-Pitts

Posted on October 29, 2024

Xiaomi chief touts Nurburgring record ahead of EV launch

BEIJING (Reuters) – A prototype Chinese electric vehicle has set a record lap time at Germany’s grueling Nurburgring track, its maker Xiaomi said on Tuesday just hours before a company event expected to reveal the production model of the car.

Xiaomi Chief Executive Lei Jun said on Chinese social media platform Weibo the SU7 Ultra prototype completed the circuit in 6 minutes and 46.874 seconds, claiming the title of fastest four-door car on the challenging track.

The 20.8-kilometer Nurburgring has been the automotive industry’s ultimate testing ground since 1927.

As a newcomer to the automotive industry, Xiaomi has shown great determination and courage by taking on the Nürburgring challenge with its first car,” Lei wrote in Chinese.

Electric motors can improve on the acceleration of gasoline-driven vehicles, and following the example of Tesla, Chinese EV makers have been competing to launch flagship models to take on luxury legacy sports cars and prove their technology and innovation capabilities.

Tesla’s Model S Plaid completed the Nurburgring Nordschleife circuit in 7 minutes and 25.231 seconds in 2023 and Xiaomi’s peer Nio also set a Nurburgring lap record in 2017 with its ET9.

The Chinese smartphone giant, which has been diversifying beyond its core business, entered the competitive electric vehicle market in March with its SU7 series, positioning it as a direct competitor to Tesla.

The company unveiled the SU7 Ultra prototype during Lei’s annual speech in July, marking its entry into the high-performance EV segment dominated by established players like Porsche.

With a three-motor all-wheel-drive system delivering 1,548 PS (1,140 kW), the Ultra variant can accelerate from 0 to 100km/h (62miles per hour) in 1.97 seconds and reach speeds of up to 350km/h, according to Xiaomi.

Tesla said the Model S Plaid, its quickest model, can achieve 60 miles per hour from zero in 1.99 seconds, while Lucid claimed its Sapphire can achieve so in 1.89 seconds.

The record Nurburgring lap was achieved on Oct. 28 after rain forced the team to abandon an attempt earlier in October.

(Reporting by Liam Mo and Kevin Krolicki; Editing by David Holmes)

Recommended for you

  • The Future of Asset Management: Technology-Driven Innovations and Client Expectations

  • How can we ensure privacy in the digitization of healthcare?

  • Quantum Computing: Unleashing Disruptive Potential and Strategic Industry Implications