Xiaomi, renowned for its tech gadgets, is set to challenge Tesla in China's auto market with its debut electric vehicle (EV), the Speed Ultra 7 (SU7). Deliveries for the SU7 will commence on March 28, marking Xiaomi's entry into the automotive sector.
The SU7 boasts impressive performance metrics, including rapid acceleration rivaling some Tesla and Porsche EVs and a range of up to 497 miles (800 kilometers). Equipped with driver-assist features and a digital cockpit, the SU7 is already showcased in 59 showrooms across 29 Chinese cities.
While Xiaomi has yet to disclose the SU7's pricing, estimates suggest it will compete in the range of 250,000 yuan (US$34,800) to 370,000 yuan ($51,500), similar to Tesla's Model 3 prices in China. Tesla, facing stiff competition from local manufacturers like BYD, has been reducing prices to maintain its market share.
Xiaomi plans to invest $10 billion in its vehicle business over the next decade, with potential global expansion of the SU7 in the coming years. The company aims to establish itself among the top five automakers worldwide within the next 15 to 20 years.
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