China's latest EV is a 'connected' car from smartphone maker Xiaomi

• Xiaomi, a major Chinese consumer tech company, is entering the competitive electric vehicle market with its new model, the SU7.

• Xiaomi aims to leverage its expertise in smartphones and home devices to create an integrated "Human x Car x Home" ecosystem.

• The company predicts strong growth, with founder Lei Jun stating Xiaomi aims to become a top 5 automaker globally in 15-20 years.

• Xiaomi faces an extremely crowded Chinese EV market expected to see consolidation in coming years.

• The company could face political scrutiny as China pushes EV exports overseas, prompting investigations over subsidies and data security concerns.