Chinese smartphone maker Xiaomi XIACF confirmed on Monday that its SU7 sedan, also known as Speed Ultra, will be priced below 500,000 yuan ($69,372).
This announcement marks a pivotal moment as Xiaomi revealed the upper limit of its price range, indicating a strategic move by the company. In addition, the company has started showcasing the SU7 vehicles in its stores across China.
The SU7 will be offered in two versions, boasting an impressive driving range of up to 668km (415 miles) on a single charge with another variant pushing the limits to 800km. This range surpasses that of Tesla’s Model S, which currently stands at up to 650km, signaling Xiaomi’s commitment to innovation and competition in the electric vehicle market.
Official pricing details are scheduled to be revealed at an upcoming launch event on March 28, where Xiaomi will kick off the ordering process and allow customers to secure their SU7 units.
This move is a part of Xiaomi’s broader strategy to position itself as one of the top five automakers globally, a goal first unveiled in December. CEO Lei Jun’s juxtaposition of the SU7 with luxury cars like the Porsche Taycan and Tesla Model S signifies Xiaomi’s ambitions to establish itself as a premium electric vehicle manufacturer. Despite significant expenses, including those related to the EV business, Xiaomi’s robust financial performance in 2023 reflects a year-on-year revenue growth of 126.3% and an adjusted net profit of 19.3 billion yuan ($2.68 billion).
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Disclaimer: This content was partly generated with assistance from Benzinga Neuro and underwent review and publication by Benzinga editors.
