Chinese smartphone maker Xiaomi unveiled its first electric vehicle (EV) on Thursday, simultaneously announcing its aim to become one of the world's top five automakers.

The sedan, better known as the SU7 (Speed Ultra 7), is a highly anticipated model that Chief Executive Lei Jun has touted as having "super electric motor" technology capable of delivering acceleration speeds faster than Tesla cars and Porsche's EVs.

"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 said at the unveiling.

The SU7 is also expected to appeal to customers due to its shared operating system with Xiaomi's popular phones and other electronic devices. Its drivers will have seamless access to the company's existing portfolio of mobile apps.

"Xiaomi is a well-established consumer electronics brand with hundreds of millions of 'Mi Fans,' or members of its smart device ecosystem," said Bill Russo, CEO of Shanghai-based advisory firm Automobility.

"As such, they have a significant opportunity to break through as the automobile becomes a smart device."

The SU7 will come in two versions – one with a driving range of up to 668 km on a single charge and another with a range of up to 800 km. By comparison, Tesla's Model S has a range of up to 650 km.

Pricing has yet to be announced. Lei said the cost would "indeed be a bit high," but one that "everyone will think is justified."

The SU7 was also being positioned to appeal to consumers worried about winter. Lei said it has fast-charging capabilities in low temperatures and is equipped with advanced tech allowing it to recognize obstacles under challenging conditions such as falling snow.

The autonomous driving capabilities of Xiaomi cars would be at the forefront of the industry, he also said.

Xiaomi has been seeking to diversify beyond its core business into EVs amid stagnating demand for smartphones – a plan it first flagged in 2021. Other Chinese tech companies that have partnered with automakers to develop EVs include telecom giant Huawei and search engine firm Baidu.

Xiaomi has pledged to invest $10 billion in autos over a decade and is one of the few new players in China's EV market to gain approval from authorities who have been reluctant to add to the supply glut.

Its cars will be produced by a unit of state-owned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.

In an extremely crowded Chinese EV market, its biggest competition will likely come from BYD, which commands a one-third share while Tesla has 9 percent, according to third-quarter figures from Zheshang Securities.