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Tesla faces further EV competition in China.
This comes from Chinese consumer electronics company Xiaomi, which officially unveiled its electric SU7 sedan at an event on Thursday attended by co-founder Lei Jun. Barron’s newspaper reported.
The cheapest model of the SU7 costs about $30,000, the store said.
An illuminated logo is placed at the Xiaomi booth at Mobile World Congress 2024 held in Barcelona, Spain on February 26th. (Xavi Torrent/Getty Images/Getty Images)
Xiaomi is reportedly collaborating with Beijing Automobile Group on manufacturing.
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According to Barron’s, the car is expected to compete with Tesla’s Model 3 sedan, which has a starting price of about $4,000 more in China.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Siasi | Xiaomi Co., Ltd. | 10.619 | +1.15 | +12.13% |
| TSLA | Tesla Inc. | 175.79 | -4.04 | -2.25% |
According to Barron’s, the $34,000 SU7 model can travel 700 kilometers (435 miles) on a single charge. The Model 3, on the other hand, will reportedly have a range of 610 kilometers (379 miles).
Tesla’s new Model 3 sedan awaits shipment at the Shanghai Haitong International Automobile Terminal in Shanghai on March 14th. (VCG/VCG via Getty Images / Getty Images)
Tesla has a large presence in China’s crowded EV market, where many companies are cutting prices to stay competitive.
Tesla’s car deliveries are expected to slump due to competition with China and weak demand
The company announced on Chinese social media platform Weibo that customer orders for the SU7 began on Thursday and reached 50,000 units in less than 30 minutes. There are three models of SU7 in total.
Xiaomi SU7 Max electric car was seen at the Xiaomi booth at Mobile World Congress 2024 in Barcelona, Spain on February 26th. (Xavi Torrent/Getty Images/Getty Images)
Before the SU7, the company that makes the popular smartphone had never sold an EV. In a February press release, Xaiomi said more than 4,400 engineers and technical experts and RMB 10 billion (approximately $1.38 billion) worth of research and development contributed to making SU7 a reality.
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As of Friday, Xiaomi’s market capitalization value exceeded $47 billion.
Its track record over the years helped make Jun and other Xiaomi co-founders billionaires. Forbes estimated Jun’s personal fortune at $12.4 billion.
