Xiaomi chief executive Lei Jun has hinted the technology firm’s electric vehicle will be priced below 500,000 yuan (£54,899).
The Chinese firm’s Speed Ultra 7 will be the “best looking, easiest to drive and smartest car” priced below the figure, he said in a Weibo post, with official costs set to be unveiled as orders begin being taken later this week.
We're #DrivingForward with the #XiaomiEVLaunch on March 28th. Buckle up for an exciting ride! https://t.co/Bl4PFcn4jB
— Xiaomi (@Xiaomi) March 25, 2024
Xiaomi, which is China’s fifth largest smartphone maker, initially unveiled the vehicle in December, with show models being placed in domestic stores across 29 cities on Monday.
Jun has previously boasted that the car has quicker acceleration than the likes of Tesla Inc (NASDAQ:TSLA, ETR:TL0) and Porsche AG (ETR:P911) models.
This comes as Elon Musk’s Tesla already faces intense competition in China from the likes of BYD, with Xiaomi having laid out plans to become one of the world’s largest automakers.
Jun’s comments on Monday mark the first indication the SU7 could be priced at the top end of guidance, while its corresponding “Xiaomi Car” app was also released to domestic app stores.