From CNBC: 2024-03-28 09:17:07

Xiaomi unveils its first electric car in China, the SU7, priced at 215,900 yuan, undercutting Tesla’s Model 3. CEO Lei Jun claims superiority on 90% of specs, with delivery starting by end of April. Xiaomi aims to compete in the fiercely competitive electric car market, targeting premium users.

The electric car market in China is heating up, with competitors like BYD, Nio, Xpeng, and Zeekr offering various models at different price points. New energy vehicle sales in China have surged in recent years, accounting for about one-third of new passenger cars sold.

Xiaomi’s SU7 is part of its “Human x Car x Home” strategy, aiming to build an ecosystem connected to its HyperOS operating system. While Xiaomi is known for affordable products, it has been pursuing a premiumization strategy since 2020, targeting potential users who might be interested in the SU7.

Read more: Xiaomi releases electric car $4k cheaper than Tesla’s Model 3 as price wars heat up