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“Which model in the same segment can compete with Xiaomi SU7?” Lei Jun asked in a post on Chinese microblogging social media Weibo, highlighting SU7, the first EV model of Xiaomi, can deliver high performance such as a zero to 100km/h acceleration time of just 2.78 seconds, a maximum driving speed of 265 km/h. Xiaomi leverages the cutting-edge technologies and its rich ecosystem to create an experience of human-vehicle integration, the billionaire entrepreneur said. He suggested SU7 will cost no more than RMB500,000 (US70,500). Is there any competitior for SU7 among EVs with prices under RMB500,000? Lei responded to a netizen’s question about the selling priceas part of comments of his post.

All the information including price about Xiaomi EV that circulated online these day are untrue, clarified Wang Hua, a general manager at the public relations department, in an article released on Friday. Xiaomi’s pricing and relevant policies are unlikely to make public until official launch of the vehicle, Wang said.

Xiaomi announced in March, 2021 to set up a wholly owned subsidiary to make EVs, with the initial investment of RMB10 billion and the total input in the coming decade expected amount to US$10 billion. Lei has hinted many times previously that Xiaomi’s EV “will be a little bit expensive , but the price is reasonable." Xiaomi is expected to debut its car in 2024, with estimated shipments of 500,000 to 600,000 units, according to a note that TF International Securities analyst Ming Chi Kuo issued in October. The analyst, who is well known as a reliable source of Apple products, said Xiaomi’s first EV model is estimated to be priced below RMB300,000 and shipment estimates could be revised upward if the price approaches or falls below RMB250,000.

At an event last Thursday, Xiaomi unveiled technologies that empower SU7 and its specs, but not disclosed launch timetable or price tag. Lei Jun reiterated Xiaomi wants to become the top five automobile club in the world in the next 15 to 20 years. He ruled out the low pricing. It’s impossible to set a price of RMB99,000 or RMB149,000, Lei said. He noted vehicles powered by batteries with the same specs as SU7 are sold for more than RMB400,000 at average. “Let’s show respect for the underlying technology ,” Lei said. In a post on X prior to the event, Lei said SU7 is in trial production and it will hit the domestic market in a few months. “The price has not been finalized yet, but we promise it will exceed your expectations,” according to Lei.

“Xiaomi’s goal is to make a dream car comparable to (those from) Porsche and Tesla,” Lei Jun said during the event. While Lei said SU7 isn’t built to chase any specific competitor, the executive suggested the smart sedan will compete with the Porsche Taycan and Tesla’s Model S. Xiaomi has engineered the SU7 to offer a level of driving performance that stands among the best in its class, including the Porsche Taycan Turbo, and has prioritized intelligent technology, drawing inspiration from the advanced systems in cars like the Tesla Model S, Lei said.

Xiaomi showcased the basic version SU7, namely, the rear-wheel-drive variant, backed by BYD’s LFP battery, has a single electric motor, with the peak power of 220kW and the maximum speed of 210km/h. The CATL battery-powered premium variant will be a dual-motor setup that combines the front motor and the rear motor, which enables the vehicle to drive as fast as 265km/h. Moreover, it has a zero to 100km/h acceleration time of just 2.78 seconds, beating the Porsche Tycan Turbo, and officially join the “2 seconds Supercar Club” with a single step.

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