Xiaomi founder Lei Jun says his company’s first electric car will be an SUV or a sedan, priced between US$15,000 to US$45,000
- Xiaomi’s billionaire CEO Lei Jun unveiled more details on the company’s new EV venture during a Douyin session
- Xiaomi’s targeted price range is considered consumer-friendly, said analyst
Xiaomi’s first vehicle will be either a sedan or an SUV costing between 100,000 yuan and 300,000 yuan (US$15,300 to US$45,900), said the Chinese smartphone giant’s co-founder and CEO Lei Jun on Tuesday, shedding light on the new Tesla challenger’s multibillion-dollar venture into electric vehicles (EV).
Lei revealed the details during a live-streamed video session on Douyin, the Chinese sibling app of TikTok, to promote Xiaomi products, which came a week after he announced the company’s foray into smart cars.
“The first car will definitely not be a sports car or a motorhome; it’d be either a sedan or an SUV,” Lei said, adding that the plans are still at an early stage and the details are still being worked out.
According to Lei, most internet users polled by Xiaomi preferred that the company release its future cars under the Xiaomi brand. Around 45 per cent voted for Xiaomi to produce a sedan ; 40 per cent chose an SUV.
Two-thirds of respondents wanted Xiaomi to produce cars selling at more than 100,000 yuan, while only 8 per cent of respondents voted for a price of over 300,000 yuan.
“People want Xiaomi to make mid-tier to high-end EVs,” Lei said.
Xiaomi’s entry into the EV market had sparked hopes that the company, which started as a budget smartphone brand, would produce affordable cars catered to price-conscious consumers. Many internet users pointed to Xiaomi’s first smartphone, the 1,999 yuan Mi 1 launched in 2011, which was marketed towards penny-pinching youth.