Tesla faces new rival in China as smartphone maker Xiaomi unveils first electric car

Source: New York Post

Chinese smartphone maker Xiaomi launched a sporty electric car on Thursday with styling cues drawn from Porsche and priced below Tesla’s Model 3, highlighting the stiff competition from new entrants in an already crowded EV market in China. During the two hour-long event, Xiaomi CEO and founder Lei Jun told a packed room whose attendees including the bosses of Chinese EV makers Nio and Xpeng that the standard SU7 EV model will be priced at 215,900 yuan ($29,872. 02), while the Pro and Max versions will cost 245,900 yuan and 299,900 yuan respectively.