According to Muralikrishnan B, president of Xiaomi India, around 35 percent of the non-semiconductor bill of materials (BoM) for smartphones is currently being sourced locally.

He said that in the next two years, the company aims to source 55 per cent of non-semiconductor BOM or components locally.

The company on Tuesday showcased the 'SU7 Max', the company's first EV luxury sports sedan, which is billed as a "full-size high-performance eco-technology sedan" that combines performance, ecosystem integration and Pushes the boundaries in the mobile smart space.

Xiaomi said it has developed five key EV technologies: e-motor, CTB integrated battery, Xiaomi die-casting, Xiaomi Pilot autonomous driving and smart cabin.

Xiaomi SU7 Max has a power of 673 PS as well as a maximum range of 800 km on a single charge.

The company claims that with 838 Nm of torque the SU7 Max can accelerate to 100 kmph from a standstill in 2.78 seconds and reach a top speed of 265 kmph.

It is said that this car is also capable of stopping at a distance of just 33.3 meters from a speed of 100 kilometers per hour.

It is equipped with a comprehensive suite of 16 active safety features to provide 360-degree protection.

The company said, "Xiaomi SU7 was brought to India only for showcase. It is not for sale in the Indian market."