The saloon, called the Xiaomi SU7, will go into production in the first half of 2024 as a rival to the BMW i4.
It will be built under contract by long-established manufacturer BAIC, per Car News China.
Measuring 4997mm long, 1963mm wide and 1440mm high, with a wheelbase of 3000mm, the SU7 tips the scales at 2205kg in its heaviest specification.
Two powertrains will be available: a rear-wheel-drive one offering 295bhp and a top speed of 130mph and a dual-motor, four-wheel-drive one with a Porsche Taycan-rivaling 663bhp and a top speed of 164mph.
Xiaomi will offer the SU7 with two options: a lithium-iron-phosphate (LFP) battery from BYD on entry-level cars and a larger CATL pack as a more expensive option.
Battery capacities and ranges are yet to be confirmed, however.
Higher-specification cars can also be fitted with an active rear wing and lidar technology.
The SU7 will also be offered with a choice of 19in and 20in wheels, compatible with 245/45 R19 and 245/40 R20 tyres.
Xaoimi revealed plans to start production of its EV earlier this year.
Speaking at China’s annual parliamentary gathering in Beijing, CEO Lei Jun said: “Xiaomi’s car manufacturing has progressed beyond expectation and [prototypes] have recently successfully completed winter testing.”
Lei, who is a also deputy of China's National People’s Congress, also confirmed Xiaomi had invested more than ¥3 billion (£360 million) in its EV division, Xiaomi Automobile, in 2022.
He added that staffing of its research-and-development department had risen to more than 2300 people.
Xiaomi is the world’s third-biggest smartphone manufacturer by sales volume behind Samsung and Apple.
It first announced plans to begin the development of EVs in 2021, at which time Lei said it intended to invest up to ¥10bn (£1.2bn) in its new car division over the following 10 years.
It’s too early to speculate on pricing for the SU7, but Chinese media reports suggest that it will be positioned in the mid-to-high-end bracket.
Lei previously hinted Xiaomi is developing up to four models, including an SUV planned for launch in 2025.
Construction of a factory for the manufacture of Xiaomi models started in Beijing in 2022.
Unlike rival Chinese smartphone maker Huawei, which operates a car-making joint venture with EV start-up Seres under the name Aito, Xiaomi plans to develop and manufacture its own cars.