Chinese tech company Xiaomi's first electric vehicle, the SU7, will be formally launched on March 28, Lei Jun, founder and CEO of Xiaomi, said in a post on social media platform Sina Weibo.

Xiaomi unveiled its plan to build vehicles in 2021 and displayed the first EV at pre-news conference on Dec 28. However, the car price, a factor that catches the public's attention, was not announced.

In an interview with CCTV last December, Lei said the company has spent over 10 billion yuan ($1.4 billion) on the first model, with over 3,400 engineers involved.