Smartphone maker Xiaomi makes waves in crowded EV market with its keenly priced SU7 model
- Xiaomi’s billionaire chairman, chief executive and founder, unveiled the new SU7 at a ceremony in Beijing on Thursday
- Xiaomi has built up consumer interest in its new SU7 by carefully releasing details on the new model but holding back pricing until launch
Xiaomi has got off to a racing start in the country’s crowded electric vehicle (EV) market, after saying it sold around 50,000 vehicles within half an hour of the launch of its new model, the SU7.
The Chinese smartphone and gadget maker, which has been competing with Apple for years, now has its sights set on Elon Musk’s Tesla.
Lei Jun, Xiaomi’s billionaire chairman, chief executive and founder, unveiled the new SU7 at a ceremony in Beijing on Thursday with lower-than-expected pricing, as he takes on an industry crowded with hundreds of brands.
The new EV has three versions – the SU7, SU7 Pro and SU7 Max – and has a starting price of 215,900 yuan (US$29,867). The launch is expected to deepen a price war at a time when BYD, Xpeng, Nio and Tesla are fighting to win over Chinese consumers.
Xiaomi, which has survived brutal competition in the smartphone market with value builds, is well-placed, analysts say.
“Xiaomi has lowered the floor for global EV pricing even further while significantly raising the stakes with the feature-rich, yet arguably affordable SU7,” said Tu Le, managing director of consultancy Sino Auto Insights.