Remember the Xiaomi SU7, the value-focused technology brand’s highly anticipated first foray into the automobile market that debuted last year? Well, it turns out it will be cheaper than the Tesla Model 3 after all, though Xiaomi CEO Lei Jun also admitted that it will be selling its self-developed electric car at a loss.

According to the company, the Xiaomi SU7 will be priced as low as ¥215,900 (around $29,902 or P1,678,568) in China. That highlights the current price war among automotive brands in China’s saturated EV market. The Pro and Max variants of the SU7, by the way, will go on sale for ¥245,900 ($34,057 or P1,911,810) and ¥299,900 ($41,536 or P2,331,646), respectively.

Xiaomi announced it is now taking orders for the SU7. In fact, it received more than 50,000 orders within 27 minutes since sales began. The regular version and SU7 Max will reach customers by late April, while the first orders of the SU7 Pro will be delivered by the end of May.

For comparison, Tesla’s Model 3 starts at ¥245,900 ($34,057 or P1,911,810). It is currently the best-selling battery-powered car in China and has a driving range of at least 600 kilometers. Due to their popularity, EVs now account for around one-third of new passenger vehicles sold in the Chinese market.

@revuphilippines Yup, #Xiaomi's first electric car, the #XiaomiSU7, is priced aggressively in China. More details at #RevuDotComDotPH. #XiaomiSU7Pro #XiaomiSU7Max #automobile #car #ElectricCar #ElectricVehicle #EV #fyp @Alora Uy Guerrero @monch @xiaomi.official ♬ Sport Car – Ramol

We at Revü Philippines had our first look at the Xiaomi SU7 (Max) at MWC [Mobile World Congress] 2024 in Barcelona, Spain

At the #XiaomiEVLaunch, Mr.@leijun made a sensation unveiling the long-awaited #XiaomiSU7! Powering #XiaomiSU7 Max with #QilinBattery, CATL is #DrivingForward with @Xiaomi to unleash the power of e-mobility! Ready to get stunned? HOP ON!🤩 pic.twitter.com/BGJVrGJ9Tn

— CATL (@catl_official) March 29, 2024

‘Driving forward’

Earlier this week, Jun teased that the Xiaomi SU7 would be the “best-looking, best-driving, and most intelligent sedan under ¥500,000 [$69,249 or P3,887,373].” Its batteries are touted to offer at least 700 kilometers of range on a single charge.

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A post shared by Alora Uy Guerrero (@aloraguerrero)

Good-looking? You bet!

Xiaomi’s significant investment in the burgeoning NEV [Neighborhood Electric Vehicle] sector aligns with strong market growth. In 2021, the electronics giant entered the market and established a large-scale factory in Beijing and pledged to invest $10 billion in its automotive business. Data released by the China Association of Automobile Manufacturers indicates a substantial year-on-year increase in both NEV production volume (28.2%) and sales volume (29.4%) for the first two months of this year.

While the domestic market shows promise, company president Lu Weibing indicated that an overseas launch for Xiaomi’s electric cars might take two to three years. Xiaomi showed off the SU7 at Mobile World Congress in Barcelona, Spain, which we attended in late February.

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