According to CNBC, Chinese smartphone maker Xiaomi announced that it will sell its first car, the SU7 electric car, for a much lower price than Tesla's Model 3, to which it is comparing. Xiaomi on Thursday presented the price list of new cars.
According to CNBC, Xiaomi CEO Lei Jun stated that the standard edition of the SU7 will be sold in China for 215,900 yuan, which is just over 324,000 NOK.
He also said that the company sells cars at a loss. In comparison, the Tesla Model 3 costs from 245,900 yuan.
Meanwhile, the outlet claimed that the standard version of the SU7 outperforms the Model 3 by more than 90 percent of the specifications.
He also said the SU7 has a minimum range of 700 km, compared to the Model 3's around 600 km. The company said that orders exceeded 50,000 cars in less than half an hour after the opening of sales.
Xiaomi's factory will be largely automated, and according to the director, the company will be able to produce an SU7 every 76 seconds. Deliveries are expected to begin by the end of April.
Recently, significant competition has formed in the Chinese electric vehicle market, which is experiencing strong growth.
Sales of new electric vehicles have increased sharply, and now account for about a third of new passenger cars sold, according to the China Passenger Car Association.
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