(Bloomberg) -- Xiaomi Corp. unveiled its own open-source AI model, joining the growing ranks of Chinese tech leaders hoping to make a splash in a burgeoning field endorsed by Beijing.

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The smartphone and EV maker publicized the MiMo reasoning model, which like DeepSeek’s R1 mimics the way humans think through problems. Xiaomi printed stats on WeChat showing it surpassed OpenAI’s o1-mini and Alibaba Group Holding Ltd.’s Qwen platforms in benchmark tests, which Bloomberg hasn’t independently verified.

Xiaomi debuted MiMo a day after Alibaba unveiled the latest version of its own flagship model, amplifying a race between China’s tech players that erupted after DeepSeek’s R1 stunned the industry with a low-cost yet capable platform. Better-known for smartphones and most recently a line-up of EVs, Xiaomi declared on Wednesday it too was now intent on developing artificial general intelligence, or AI with human-level intellect.

Its shares rose more than 5% in Hong Kong. Chinese AI stocks also climbed Wednesday after broad state media coverage of President Xi Jinping’s visit to an incubator and accelerator for AI tech firms, underscoring Beijing’s support for homegrown tech that can compete with the US.

“MiMo is the first taste of our newly established core AI model team,” Xiaomi said in a WeChat post. “While 2025 may seem like a late stage to take up the dream of large models, we believe AGI is a long-term endeavor.”

Xiaomi executives have reportedly talked about investing in AI in the past, though MiMo is the first real product to emerge. Its foray marks the second big project in as many years for a company best-known for making affordable smartphones and appliances from robot vacuums to rice cookers. Billionaire founder Lei Jun spearheaded a $10 billion drive into the crowded EV arena in 2024, calling it his final startup hurrah.

Bloomberg News reported it was forced to push back the debut of its first sport utility vehicle following a fatal accident involving its marquee electric car, a blow to its ambitions to put pressure on Tesla Inc. and BYD Co. Its stock has plunged some 15% since that March episode.

In a posting on Weibo after Bloomberg’s report was published, the company said the timeline for YU7’s release remains unchanged and is still set for June or July.

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--With assistance from Charlotte Yang and Catherine Wong.

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