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Tesla has new competition with a Chinese EV priced lower than the Model 3

Tesla is getting some more EV competition in China.

It comes from Xiaomi, a Chinese consumer electronics company that officially introduced its electric SU7 sedan at a Thursday event involving co-founder Lei Jun, Barron reported.

The cheapest model of the SU7 has a price tag that comes to around $30,000, according to the outlet.

Xiaomi logo

A logo is illuminated on the Xiaomi stand at the Mobile World Congress 2024 in Barcelona, ​​Spain, on February 26.

Xiaomi is reportedly working with Beijing Automotive Group Co. to production.

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The vehicle is expected to compete with the Model 3, a Tesla sedan that has a starting price about $4,000 higher in China, per Barron’s.

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According to Barron’s, the $34,000 SU7 model can travel 450 miles on a single charge. Meanwhile, the Model 3 is said to go 610 kilometers (379 miles).

TeslasTeslas

Tesla’s new Model 3 sedans await shipment on March 14 at the Shanghai Haitong International Automotive Terminal in Shanghai.

Tesla has a strong presence in the crowded Chinese EV market, where many companies have lowered their prices to compete with each other.

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Customer orders for the SU7 started on Thursday, recording 50,000 orders in less than half an hour, the company said on Chinese social media platform Weibo. There are a total of three models of the SU7.

Xiaomi carXiaomi car

The Xiaomi SU7 Max electric car will be on display at the Xiaomi stand at the Mobile World Congress 2024 in Barcelona, ​​Spain, on February 26.

Before the SU7, the company that makes popular smartphones had never sold an EV. More than 4,400 engineers and technical experts, as well as 10 billion yuan (about $1.38 billion) in research and development, have helped bring the SU7 to fruition, Xaiomi said in a press release in February.

Xaomi was worth more than $47 billion by market capitalization as of Friday.

Its achievements over the years have helped make Jun and other Xiaomi co-founders billionaires. Forbes estimated Jun’s personal fortune at $12.4 billion.

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Original article source: Tesla has new competition with a Chinese EV priced lower than the Model 3

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