Xiaomi may be best known for its smartphones, but the Chinese technology company on Thursday entered the automotive world with the reveal of the SU7, a sleek electric sedan that's reminiscent of the Porsche Taycan and boasts up to 664 hp.

The SU7 is based on a newly developed platform called Modena, the name taken from the Italian town that is home to car brands like Ferrari and Maserati. The platform is designed to fit batteries with a cell-to-body construction which Xiaomi says saves space.

The SU7 is a bit more than an inch longer than a Taycan, and Xiaomi claims performance will also be similar to the German EV. The powertrain options take their names from internal-combustion engines, with the base option, dubbed V6, featuring a single motor at the rear rated at 295 hp. Above this is a V6s option with dual-motor all-wheel drive rated at a peak 664 hp, or enough for 0-62 mph acceleration in less than 2.8 seconds.

The performance won't end there, however. At the reveal, Xiaomi said it is working on a powertrain option dubbed HyperEngine V8s. It's due in 2025 and will likely offer more horsepower than the V6s.

2024 Xiaomi SU7

2024 Xiaomi SU7

The standard battery is a 73.6-kwh unit but a 101-kwh unit will be available. Xiaomi also plans 132- and 150-kwh units. With the biggest battery, the SU7 could deliver a range of more than 600 miles, according to the company.

Xiaomi in 2021 said it has committed an investment of $10 billion over ten years for its EV division. Part of those funds have been used for a plant in Beijing responsible for the SU7, as well as future models.

The SU7 is currently in pre-production but will be ready for sale in the coming months, according to Xiaomi. Pricing information will be released closer to the market launch.

The SU7 will initially be offered in China, but Xiaomi is considering expanding to other markets. At the reveal, Xiaomi chief Lei Jun said he wants to transform Xiaomi into one of the world's top five car companies.