Overview

• Xiaomi's CEO, Lei Jun, announces the company's first electric vehicle, the SU7, will be priced below 500,000 yuan ($69,424), aiming to make it the 'best looking, easiest to drive and smartest car'.
• The official price range and order taking for the SU7 will commence on Thursday evening, following its unveiling in December with ambitions to become a top five automaker.
• Xiaomi's entry into the electric vehicle market is part of a broader strategy to diversify amid stagnating smartphone demand, with a commitment to invest $10 billion in autos over a decade.
• The SU7 will be available in two versions, with driving ranges of up to 668km and 800km, surpassing Tesla's Model S in terms of range.
• Production of the SU7 is underway at a Beijing factory owned by BAIC Group, with an annual capacity of 200,000 vehicles, as Xiaomi becomes one of the few new entrants in China's EV market approved by authorities.