(Yicai) March 1 -- Chinese handset giant Xiaomi has denied online rumors claiming its electric vehicle arm will release its first model to the market this month.

The news circulating online about the release of the SU7 this month, as well as the information about the EV model’s deliveries and production capacity, are untrue, Xiaomi said on Weibo yesterday.

The SU7 will hit the market this month, with deliveries expected to be completed next month, according to a research document recently circulated online. Moreover, the document showed that Xiaomi Automobile expects to reach a total delivery volume of 2,000 units in the first quarter, with a corresponding sales value of CNY400 million (USD55.6 million).

On Dec. 28, Xiaomi Auto held a product launch event in Beijing, where it debuted its electric sports sedan, the SU7, which is expected to achieve mass production by the end of the first half of this year.

On Feb. 25, Xiaomi’s president Lu Weibing said during an interview at the Mobile World Congress that the company spent USD10 billion to develop its own cars, which will cover entry-level and luxury ones.

Xiaomi has thought about multiple prices for the SU7, but the final figure will be unveiled very soon, Li added, noting that deliveries will begin no earlier than the second quarter of the year.

Editor: Futura Costaglione