Xiaomi (HKG:1810) is scheduled to roll out its first electric sports utility vehicle, the YU7, on Thursday, as part of its $10 billion electric vehicle strategy, Bloomberg News reported the same day.

The launch indicates a shift in Xiaomi's business model, helping consumers synchronize their daily tasks, and could help the company establish its place in the Chinese technology sector, the report said.

Xiaomi's offering gives it synergy, and it could be the only company that allows consumers to sync their mobile devices, home appliances, and their cars, the report said, citing Polen Capital portfolio manager June Lui.

Shares in Xiaomi surged 67% on a year-to-date basis.

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