Chinese consumer electronics company Xiaomi announced on December 28, 2023, that it has finally unveiled its electric car, the SU7. However, the company did not disclose the price or specific release date.
Xiaomi CEO Lei Jun revealed 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. In comparison, Tesla’s Model 3 starts at 245,900 yuan in China.
Lei claimed that the SU7 surpasses the Model 3 in over 90% of its specifications, except for two aspects where Xiaomi may take three to five years to catch up with Tesla. He also mentioned that the SU7 has a minimum driving range of 700 kilometers, while the Model 3 offers 606 kilometers. Within 27 minutes of sales beginning at 10 p.m. Beijing time, orders for the SU7 exceeded 50,000 cars.
Deliveries are expected to begin by the end of April, with Xiaomi’s fully automated car factory capable of producing an SU7 every 76 seconds. This facility’s operational status was not immediately clear.
Earlier in the week, Lei stated on social media that the SU7 would be the best sedan priced under 500,000 yuan ($69,328). The competition in the Chinese electric car market is fierce, with players like Huawei partnering with traditional automakers to enter the space.
Other electric models in the market include BYD’s Han sedan starting at 169,800 yuan, Nio’s ET5 at 298,000 yuan, Xpeng’s P7 at 209,900 yuan, and Geely-owned Zeekr’s 007 sedan also priced at 209,900 yuan. Sales of new energy vehicles have surged in China, accounting for about one-third of new passenger cars sold.
At the Xiaomi SU7 launch event, heads of electric car startups like Nio, Xpeng, and Li Auto were featured guests. Xiaomi showcased various accessories for the SU7, such as an in-car refrigerator and driver-assist technology for highways and cities. It supports Apple’s Car Play and can integrate with the iPad.
The SU7 is part of Xiaomi’s “Human x Car x Home” strategy, with the company aiming to build an ecosystem of connected devices under its new HyperOS operating system. The car will initially be sold in China, with plans for an overseas launch in two to three years.
Xiaomi’s premiumization strategy has been in place since 2020, aiming to target around 20 million potential premium users who might purchase the SU7. The company presented the car at Mobile World Congress in Barcelona following its initial reveal in Beijing.
Chinese consumer electronics company Xiaomi revealed on Thursday, December 28, 2023, its first electric car called the SU7. The CEO, Lei Jun, stated that the standard version of the SU7 will be priced at 215,900 yuan, significantly lower than Tesla’s Model 3 which starts at 245,900 yuan. Jun claimed that the SU7 outperforms the Model 3 in over 90% of specifications, except for two aspects that Xiaomi may take three to five years to catch up on. The company received over 50,000 orders for the SU7 within 27 minutes of sales starting, with deliveries set to begin by the end of April. Xiaomi’s car factory is fully automated and can produce an SU7 every 76 seconds. The SU7 is part of Xiaomi’s strategy to build an ecosystem of devices connected to its new HyperOS operating system. Xiaomi aims to appeal to the premium market segment with the SU7 and has plans to possibly launch the car overseas in two to three years. The company showcased the SU7 at Mobile World Congress in Barcelona in February 2023, following the initial reveal of the vehicle in December 2022.
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