Key Points

  • Xiaomi CEO Lei Jun has introduced the standard version of their electric car, SU7, which is expected to sell at $30,408, a price that will help them enter the market even if they make losses per car.
  • The SU7 is now selling at $4K cheaper than Tesla’s Model 3 in China.

Xiaomi CEO Lei Jun has debuted their latest innovation, an electric car dubbed SU7. This vehicle will be trading at (215,900 Yuan) which is cheaper than the Tesla Model 3 (245,900 Yuan), which will see the company making losses per unit sold.

Xiaomi seeks to test the Chinese EV markets via their SU7 model

Chinese smartphone companies have done what Apple failed to do by introducing their version of an electric car. These two companies had announced plans to debut their innovations in the electric car market, but Apple backed away after ten years of no reasonable improvements.

Addressing the matter on social media, Xiaomi CEO Lei Jun explained that they are targeting to chase down Tesla and take part in its market in China. Xiaomi is now set to start deliveries of their car, SU7, by the end of April 2024, saying that the standard version of the vehicle beats the Tesla Model 3 on over 90% of its specifications, expect several that may require up to five years to catch up with the innovation at Tesla.

He said he expects the SU7 to be the best sedan under $69,328 in the Chinese market. This market is becoming more competitive by the day as multiple companies are introducing a slew of electric car models to take a share of the pie, which Tesla has been holding for a long time now. Whether the newcomers will succeed in the venture is time to tell. Keep close for more tech news.

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