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Xiaomi's CEO Unveils Budget-Friendly Electric Vehicle SU7 Under $69,424, Aiming to Rival Tesla and Porsche

Xiaomi's CEO, Lei Jun, confirms that the company's upcoming electric vehicle, the SU7, will be priced below 500,000 yuan ($69,424). Showrooms across China begin displaying the SU7, generating excitement among prospective customers and car enthusiasts. Xiaomi aims to position the SU7 as the best-looking, easiest to drive, and smartest car in its price range.

Xiaomi's CEO, Lei Jun, has revealed that the company's highly anticipated electric vehicle (EV) will be priced below 500,000 yuan ($69,424). In a recent announcement on his official Weibo account, Jun stated that the Xiaomi EV, known as the SU7 (Speed Ultra 7), aims to be the "best looking, easiest to drive, and smartest car" in its price range. This marks the first time Xiaomi has confirmed the upper end of its price range for the EV.


Since its unveiling in December, the Xiaomi EV has generated significant anticipation, with the company setting its sights on becoming one of the world's top five automakers. Jun has boasted about the vehicle's advanced technology, claiming that it will offer acceleration capabilities surpassing those of Tesla cars and Porsche's electric vehicles.


To further fuel excitement, Xiaomi has begun displaying the SU7 in 76 of its stores across 29 Chinese cities. Prospective customers and car enthusiasts flocked to one central Beijing showroom to catch a glimpse of the vehicle, available in various versions including the eye-catching "ocean blue." Xiaomi has also released its "Xiaomi Car" app on Chinese app stores, adding to the overall buzz surrounding the EV.


Jim Yan, a customer waiting in line to see the SU7, expressed admiration for the car's sleek design and aerodynamic features aimed at reducing drag. Yan, who works in the legal industry, praised Xiaomi for its originality in both phone and car design. He also emphasised Xiaomi's reputation for providing good value, particularly with its affordable phones and home electronics.


However, Yan also noted that Xiaomi's entry into the automotive market is relatively new, and the pricing of their first car will need to be tested by the market. He believes that Xiaomi's pricing has typically been in the mid-range, and if the price of the EV is too high, it may face challenges in gaining consumer acceptance.


The SU7 will be available in two versions, offering a driving range of up to 668km (415 miles) and up to 800km on a single charge, respectively. In comparison, Tesla's Model S has a range of up to 650km. Xiaomi's move into the EV market comes as the demand for smartphones stagnates, prompting the company to diversify its offerings.


Xiaomi is not the only Chinese tech company venturing into the EV space. Others, such as Huawei and Baidu, have also partnered with automakers to develop electric vehicles. Xiaomi has committed to investing $10 billion in the automotive sector over the next decade and has gained approval from authorities to enter China's EV market, which has been cautious about adding to the supply glut.


The production of Xiaomi's EVs is being handled by a unit of the state-owned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.

 
  • Xiaomi's CEO, Lei Jun, confirms that the company's upcoming electric vehicle, the SU7, will be priced below 500,000 yuan ($69,424).

  • Showrooms across China begin displaying the SU7, generating excitement among prospective customers and car enthusiasts.

  • Xiaomi aims to position the SU7 as the best-looking, easiest to drive, and smartest car in its price range.


Source: REUTERS

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