BEIJING — Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China's oversaturated electric vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop. Pronounced "Sue Qi" in Mandarin, the Xiaomi SU7 beats Porsche's Taycan and Tesla's Model S on acceleration and other metrics, Lei said during a three-hour presentation Thursday. This is an area of potential advantage for Xiaomi, which is best known for its smartphones and home appliances and previously said it wants to create a "'Human x Car x Home' smart ecosystem." The SU7 is integrated with Xiaomi's smartphones and internet-connected home appliances, Lei announced Thursday. Lei said the vehicle will also be compatible with Apple 's iPhone, iPad, CarPlay and AirPlay.

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Persons: Lei Jun, Sue Qi, Porsche's Taycan, Lei Organizations: Tesla, Porsche, BMW, Mercedes, Benz, Apple Locations: BEIJING, U.S