Chinese smartphone maker Xiaomi has unveiled a new electric sports car.
The car features design elements inspired by Porsche vehicles and is priced lower than the Tesla Model 3, highlighting the fierce competition new entrants are bringing to China’s already crowded electric vehicle market.
During a two-hour event, Lei Jun, CEO and founder of Xiaomi, spoke in a packed hall attended by the heads of Chinese electric car makers NIO and XPeng. He announced that the standard model (SU7) will be priced at 215,900 yuan ($29,872.02), while the Pro and Max versions will cost 245,900 yuan and 299,900 yuan, respectively.
Lei Jun added: “It is 30,000 yuan cheaper than the Tesla Model 3, noting that the American car’s price starts at 245,900 yuan in China.”
