Xiaomi CEO Teases with New SU7 EV Prices

On Monday, Xiaomi's CEO Lei Jun announced an ambitious target for the company's first electric car, the SU7, aiming to set it below $69,424.

On Monday, Xiaomi’s CEO Lei Jun announced an ambitious target for the company’s first electric car, the SU7, aiming to set it below 500,000 yuan ($69,424).

Xiaomi is set to reveal the price and commence pre-orders for the vehicle, known as Speed Ultra 7, this Thursday. Lei’s statement on Weibo introduced the price ceiling for this eagerly awaited model.

Xiaomi’s automotive endeavor was first highlighted in December, with the company aspiring to break into the global top five automakers. The SU7 is promised to exceed the performance benchmarks set by Tesla and Porsche in terms of acceleration, as per Lei.

In preparation, 76 Xiaomi stores across 29 cities in China showcased the SU7, drawing attention from potential buyers and automotive enthusiasts. A significant turnout was noted in a Beijing store, where visitors admired the car, particularly its “ocean blue” variant. Xiaomi also launched a dedicated app for the car, signaling its readiness for the market.

Jim Yan, a 28-year-old from the legal sector, was among the crowd, praising Xiaomi’s innovative design, particularly for its aerodynamic efficiency.

Yan’s expectation of Xiaomi, known for its competitively priced electronics, is that the SU7 should remain affordable to resonate with the brand’s value perception. He, like many, sees the pricing as a crucial factor for Xiaomi’s inaugural venture into the car market.

The SU7 will be available in two models, with maximum ranges of 668km and 800km respectively, edging out Tesla’s Model S in driving range.

Amid a saturated smartphone market, Xiaomi is venturing into electric vehicles (EVs), following a trend seen with other Chinese tech giants like Huawei and Baidu. With a committed investment of $10 billion over the next ten years in the automotive sector, Xiaomi has gained regulatory approval, a notable achievement given the existing competition and production capacities in China.

The production of Xiaomi’s cars is facilitated by a BAIC Group subsidiary, operating from a Beijing plant designed to produce up to 200,000 vehicles annually.

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