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Chinese Smartphone Giant Xiaomi Launches Premium EV $4k Lesser than Tesla Model 3

Xiaomi CEO Lei Jun announced that the standard version of the SU7 will be priced at 215,900 yuan ($30,408) 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 in over 90% of specifications, except for two aspects where catching up with Tesla might take Xiaomi three to five years.

Moreover, Lei highlighted that the SU7 boasted a minimum driving range of 700 kilometers (nearly 435 miles), surpassing the Model 3’s 606 kilometers. Within 27 minutes of sales commencement at 10 p.m. Beijing time on Thursday, orders for the SU7 exceeded 50,000 cars. Deliveries are slated to commence by the end of April, with Lei stating that Xiaomi’s car factory, featuring fully automated “key” processes, could churn out an SU7 every 76 seconds, though the operational status of the factory was not immediately clear.

Earlier in the week, Lei touted on social media that the SU7 would be the best sedan “under 500,000 yuan” ($69,328). Xiaomi’s entry into the market arrives amid fierce competition in China, with companies launching numerous models and slashing prices to remain competitive. Notably, Chinese telecommunications giant Huawei has ventured into the automotive sector, partnering with traditional automakers and launching the Aito brand, often showcasing vehicles in Huawei smartphone showrooms.

Tesla’s Model 3, a best-selling new energy sedan in China with a driving range of at least 600 kilometers (372 miles) and costing less than 500,000 yuan, remains a significant player in the market.

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