Xiaomi Reveals Affordable Electric Car, Taking on Tesla in China Market
Chinese tech giant Xiaomi has finally unveiled its highly anticipated electric car, the SU7, with a starting price much lower than Tesla’s Model 3. With the electric car market in China heating up, Xiaomi’s CEO Lei Jun announced that the standard version of the SU7 will be priced at 215,900 yuan ($30,408) – significantly below the starting price of Tesla’s Model 3 at 245,900 yuan.
Despite selling the SU7 at a loss, Lei Jun boasted that the car surpasses the Model 3 in over 90% of its specifications, except for two aspects where Xiaomi still needs 3-5 years to catch up. Deliveries are expected to begin by the end of April, and Xiaomi’s automated factory can produce a new car every 76 seconds.
Xiaomi’s entry into the competitive electric car market in China comes as other companies like Huawei, BYD, Nio, Xpeng, and Zeekr are launching new models and cutting prices to stay competitive. Data from industry website Autohome shows that BYD’s Han sedan starts at 169,800 yuan, Nio’s ET5 at 298,000 yuan, Xpeng’s P7 at 209,900 yuan, and Zeekr’s 007 sedan also at 209,900 yuan.
Xiaomi’s launch of the SU7 is part of the company’s larger strategy to create an ecosystem of devices connected to its new HyperOS operating system. Targeting a premium market segment, Xiaomi aims to attract around 20 million users who might consider buying the SU7.
Initially targeting Chinese consumers, Xiaomi plans for a potential overseas launch of the SU7 in two to three years. The company showcased its new electric car at Mobile World Congress in Barcelona following a reveal of the vehicle’s exterior and technology in Beijing.
With the electric car market booming in China and the competition heating up, Xiaomi’s affordable and feature-packed SU7 is poised to disrupt the industry and give Tesla a run for its money.
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