Xiaomi reveals price of new car; vehicle starts to be displayed in stores

• Kevin Krolicki and Sarah Wu

Xiaomi’s chief executive said on Monday that the company’s first electric vehicle will be the “most beautiful, easiest to drive and smartest car” priced below 500 yuan ($69,424).

The company, famous for electronic devices, will announce the price range on Thursday and begin taking orders for its car, the SU7, short for Speed ​​Ultra 7. Executive Chairman Lei Jun’s comments made on his official account on the Chinese social network Weibo, they mark the first time that the company has commented on the price of the vehicle.

Expectations for Xiomi’s car have been growing since the company presented the vehicle in December and announced that it intended to become one of the five largest automakers in the world. Lei presented it as having technology capable of providing better acceleration than electric cars from Tesla and Porsche.

Some 76 Xiaomi stores in 29 Chinese cities began displaying the car on Monday, with potential customers and car bloggers lining up at a showroom in central Beijing. The company has also put its “Xiaomi Car” app on Chinese app stores.

Among those in line was Jim Yan, who said he admired the SU7’s curves and design.

“Whether it’s Xiaomi’s phones or cars, its design is very unique,” said Yan, 28, who works in the legal sector.

For Yan, and many consumers of Xiaomi phones and electronics, the brand has earned a reputation for offering good value.

“In my opinion, Xiaomi’s prices are mid-range at best. If the price is too high, especially since this is their first car, it still needs to be tested by the market,” Yan said.

The SU7 will come in two versions – one with a range of up to 668 kilometers on a single charge and another with a range of up to 800 kilometers. In comparison, Tesla’s Model S has a range of up to 650 kilometers.

China’s fifth-largest smartphone maker has been looking to diversify its product offering amid stagnant demand for smartphones – a plan that was first flagged in 2021.

Xiaomi has committed to investing $10 billion in automobiles over a decade and is one of the few new entrants to China’s electric vehicle market to win approval from authorities, who have been reluctant to add to the current oversupply situation. .