One year after Xiaomi Automobile said it was working on an SUV called the YU7, the company is finally set to launch the new model in China.

Chinese smartphone company Xiaomi on Thursday claimed its new Xring O1 chip beat Apple's version on a few metrics. The new chip will be part of Xiaomi's new 15S Pro phone, priced below the Apple iPhone 16 Pro in China.

It was a big day for Xiaomi last night, and in more than one way. The company announced its first electric SUV, its first phone and tablet powered by in-house XRING O1 chipset and a smartwatch with a Xiaomi modem.

Amid intensifying geopolitical tensions and an escalating tech war, China's tech sector is undergoing a sweeping pivot. Companies like Xiaomi, Lenovo, and Huawei are accelerating the shift to in-house chips and operating systems in a bid to establish technological sovereignty.

China's Xiaomi plans to invest a further 200 billion yuan ($27.8 billion) in core technology research and development over the next five years, founder and CEO Lei Jun said on Thursday.

Xiaomi has officially introduced its first smartphone that's equipped with its own first-party chipset in China, known as the Xiaomi 15S Pro.

Smartphone giant Xiaomi is one of China’s top three investors in semiconductor development on the back of a 10-year, 50 billion yuan (US$6.9 billion) spending programme, according to company founder, chairman and chief executive Lei Jun.