China’s Xiaomi will price SU7, its Tesla EV rival under $69,400: CEO

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107392083 1711366678104 gettyimages 2111424857 vcg111487446844

Xiaomi’s first electric vehicle, the SU7, is showcased at a Xiaomi Automotive delivery center in Hefei, Anhui Province of China on March 25, 2024. Xiaomi CEO Lei Jun revealed details about the price of the SU7 ahead of its official launch this week. Lei stated that the goal of the Xiaomi SU7 is to be the best looking, best driving, and most intelligent sedan priced under 500,000 yuan ($69,328). This marks the first time Xiaomi has confirmed the upper end of the price range. The SU7 electric vehicle will be officially launched on Thursday, and orders will begin being accepted.

The car is currently on display at Xiaomi stores in 29 cities in China, with test drives set to start on Thursday. Xiaomi Group President Weibing Lu had previously mentioned that the company is focusing on the premium segment of the electric car market, putting it in competition with Tesla and other domestic players like BYD, Nio, Xpeng, and Li Auto.

Xiaomi, known for its smartphones and consumer electronics, announced its entry into the EV market in 2021. Lei Jun emphasized the significance of Xiaomi’s move into the EV market, expressing his commitment to the vision. Pricing will play a crucial role for Xiaomi in a competitive market with no prior history, especially in a landscape influenced by price wars and intense competition.

CEO Lei acknowledged the challenges ahead and expressed his dedication to this new venture. The article also includes a video on the growing demand for EVs but notes inconsistencies in the market.

Xiaomi’s first EV, the SU7, will be formally launched on March 28, with CEO Lei Jun teasing the price to be under 500,000 yuan. The company is targeting the premium segment of the electric car market, competing against Tesla and other domestic players in China. Xiaomi, known for smartphones and consumer electronics, entered the EV race in 2021, facing a competitive market with price wars and competition. Pricing will be key for Xiaomi, as it has no prior history in the industry. CEO Lei is committed to the vision of the company’s EV venture, putting his reputation on the line.

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