Photo taken on March 15, 2022 shows the new products launch event of Chinese smartphone manufacturer Xiaomi in Madrid, Spain. [Photo/Xinhua]

Chinese smartphone maker Xiaomi unveiled its first new energy vehicle (NEV) at a launch event in Beijing on Thursday.

The SU7 has been put into production and is estimated to enter the market in 2024, Xiaomi said.

Xiaomi has invested more than 10 billion yuan (about 1.41 billion U.S. dollars) in its first-stage auto research and development, which involves a team of over 3,400 engineers, the company said.

The tech firm has achieved technological breakthroughs in key fields such as electric driving, batteries, intelligent driving and intelligent cockpits, and has built factories for parts such as motors and battery packs, it said.

By working hard over the next 15 to 20 years, Xiaomi aims to become one of the world's top five car manufacturers, said Lei Jun, founder and CEO of Xiaomi.

Data from the China Association of Automobile Manufacturers shows that in November this year, both the monthly production volume and the monthly sales volume of NEVs in China exceeded the 1-million mark for the first time, with those figures respectively totaling 1.074 million units and 1.026 million units.

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