Chinese smartphone giant Xiaomi has made headlines by announcing the launch of its first electric car, the SU7, at a significantly lower price point than Tesla’s Model 3. The move signifies an entry into China’s highly competitive electric car market, where price wars are intensifying among various companies.

Xiaomi CEO Lei Jun revealed that the standard version of the SU7 would be priced at 215,900 yuan, which is notably lower than Tesla’s Model 3, which starts at 245,900 yuan in China. This aggressive pricing strategy has already garnered significant attention, with over 50,000 orders being placed within mere minutes of the sales launch.

Lei Jun claimed that the SU7 surpasses the Model 3 on more than 90% of its specifications, with a minimum driving range of 700 kilometers compared to the Model 3’s 606 kilometers. The company also highlighted the fully automated production process at its car factory, boasting the capability to produce an SU7 every 76 seconds.

The electric car market in China is fiercely competitive, with various companies launching new models and slashing prices to attract consumers. Xiaomi joins the likes of Huawei, Nio, Xpeng, and BYD in offering affordable electric vehicles to capture a larger market share in the growing segment.

In line with the company’s tech-focused approach, Xiaomi’s SU7 comes equipped with a range of accessories and features, including Apple CarPlay support, in-car refrigerator, and driver-assist technologies for highways and cities. The company aims to integrate its new HyperOS operating system with the SU7, creating a seamless ecosystem of connected devices.

Looking ahead, Xiaomi plans to target the premium electric car segment with a “Max” version of the SU7, priced at 299,900 yuan to compete with luxury brands like Porsche. The company’s “Human x Car x Home” strategy underscores its broader vision of building interconnected devices for consumers, leveraging its expertise in the smartphone market.

Xiaomi’s entry into the electric car market with the launch of the SU7 signifies a bold move to disrupt the status quo with aggressive pricing and innovative features. As the company continues to expand its product portfolio and ecosystem, it remains to be seen how competitors will respond to this new player in the rapidly evolving industry.

Finance

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