Chinese smartphone giant Xiaomi has made its entry into the electric vehicle market with the launch of its premium EV, the SU7. CEO Lei Jun revealed that the standard version of the SU7 will be priced at 215,900 yuan (,408) in China, which is lower than Tesla’s Model 3 starting price of 245,900 yuan. Lei Jun acknowledged that Xiaomi will be selling each car at a loss, but stressed that the SU7 outperforms the Model 3 in over 90% of specifications, except for a couple of aspects where catching up with Tesla might take three to five years.
One of the key highlights of the SU7 is its impressive minimum driving range of 700 kilometers (435 miles), surpassing the Model 3’s 606 kilometers. Within just 27 minutes of opening sales at 10 p.m. Beijing time on Thursday, orders for the SU7 surpassed 50,000 cars. Deliveries are expected to begin by the end of April, with Lei Jun mentioning that Xiaomi’s car factory can produce an SU7 every 76 seconds thanks to fully automated processes.
Earlier in the week, Lei Jun took to social media to boast that the SU7 is the best sedan available for under 500,000 yuan (,328). Xiaomi’s foray into the automotive industry comes at a time of intense competition in China, with various companies introducing new models and slashing prices to stay competitive. Notably, Huawei, a major telecommunications company, has also ventured into the automotive sector by partnering with traditional automakers and launching the Aito brand, showcasing vehicles in Huawei smartphone showrooms.
Despite the competition, Tesla’s Model 3 remains a leading player in the Chinese market, being a popular choice for consumers looking for a new energy sedan with a driving range of at least 600 kilometers (372 miles) and a price tag below 500,000 yuan.
Overall, Xiaomi’s entry into the EV market has stirred up excitement and competition, offering consumers more choices and potentially reshaping the landscape of electric vehicles in China.
 in China, acknowledging that this would result in selling each car at a loss. This undercut Tesla’s Model 3, which starts at 245,900 yuan in the country. Lei emphasized that the SU7 surpassed the Model 3 […] The post Chinese Smartphone Giant Xiaomi Launches Premium EV $4k Lesser than Tesla Model 3 appeared first on Insights Success.){kind=link}