Xiaomi forays into the Chinese EV market with a $30,000 car

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Xiaomi forays into the Chinese EV market with a $30,000 car
Credit: © Reuters.

Xiaomi (XIACY) made its debut in the electric vehicle (EV) market on Thursday, launching its first car, the SU7.

Shares rose over 1% in Hong Kong.

Priced notably lower than Tesla's Model 3, the launch intensifies the pricing war in China's electric car scene.

CEO Lei Jun said the standard version of the SU7 will cost 215,900 yuan ($30,408), admitting this would result in selling each car at a loss, contrasting with Tesla's Model 3, which starts at 245,900 yuan in China.

Meanwhile, the Pro and Max versions have a price tag of 245,900 yuan and 299,900 yuan respectively, Lei said. For now, all SU7 models will only be sold in China.

Lei noted the SU7 surpasses the Model 3 in over 90% of specifications, aside from two areas where Xiaomi may take three to five years to reach Tesla's level.

Highlighting the efficiency of Xiaomi's car production, Lei pointed out that their factory, with all "key" steps fully automated, is capable of producing an SU7 every 76 seconds, though it was not immediately clear if the factory was fully operational.

Earlier in the week, Lei boasted on social media that the SU7 would be the best sedan "under 500,000 yuan" ($69,328).

He said deliveries are slated to begin by the end of April.

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