Xiaomi CEO Lei Jun has unveiled the company’s highly anticipated SU7 electric vehicle with a price of under 500,000 yuan ($69,424), setting the stage for what he claims will be the “best looking, easiest to drive, and smartest car” in its class. 

The aggressive pricing strategy announcement, made on Monday, not only positions this innovative new EV as an attractive option for consumers but also places Xiaomi in direct competition with established electric vehicle manufacturers.

Two Variants with Impressive Range

The SU7 will be available in two variants, offering ranges of up to 668km (415 miles) and 800km on a single charge, rivaling Tesla’s Model S in terms of distance capabilities.

Traditionally known for its smartphones, Xiaomi is diversifying into the EV sector amid stagnating demand for phones. Announced in 2021, this strategic move aims to broaden Xiaomi’s product portfolio. Xiaomi joins other tech giants like Huawei and Baidu in the race to dominate the EV market.

With a committed investment of $10 billion over the next decade, Xiaomi’s entry into the auto industry signifies its serious intentions. It stands as one of the few newcomers to receive government approval for EV production in China’s competitive market.

Showcases Begin Across Major Cities

Starting Monday, 76 Xiaomi stores across 29 cities have begun showcasing the SU7, drawing crowds of potential buyers and bloggers. A notable influx was observed at a Beijing store where visitors admired the “ocean blue” SU7 among other models. The launch of the “Xiaomi Car” app coincided with the showcases.

Visitors like Jim Yan have lauded the SU7 for its blend of efficiency and style, reflecting Xiaomi’s reputation for delivering value. However, there’s speculation about whether the SU7’s pricing will align with the brand’s value proposition, especially given its status as Xiaomi’s debut vehicle.

Price Reveal and Order Opening This Thursday

This Thursday, Xiaomi will officially unveil the SU7’s price and commence order placements. The announcement made via the CEO’s Weibo account is the first indication of the pricing strategy for the highly anticipated vehicle. 

Since its reveal in December, the SU7 electric vehicle has generated considerable buzz, with Xiaomi setting its sights on becoming one of the top five global automakers. The vehicle is touted for its superior acceleration capabilities, outperforming competitors such as Tesla and Porsche EVs.

Production Capacity and Industry Impact

Xiaomi’s vehicles are produced in Beijing by a unit of BAIC Group, with an annual production capacity of 200,000 cars. This venture into the automotive sector represents a considerable expansion for Xiaomi, challenging traditional and new players alike in the EV landscape. As Xiaomi ventures beyond electronics, the global community watches closely to see how this initiative unfolds.

Image Source: X (@globaltimesnews)