Chinas Xiaomi will price its Tesla EV rival under $69,400, CEO says ahead of Thursday launch
Summary
Xiaomi CEO Lei Jun on Monday teased the price of the Chinese firms first electric vehicle ahead of its official launch this week. "The goal of the Xiaomi SU7 is to be the best looking, best driving, and most intelligent sedan under 500,000 yuan ($69,328)," Lei said in a post on Chinese social media service Weibo. Xiaomi Group President Weibing Lu told CNBC previously that the company is targeting the premium segment of the electric car market. Xiaomi will also be competing against a slew of domestic players including giant BYD, Nio, Xpeng and Li Auto, many of which are also targeting the premium end of the EV market. This has forced other electric car firms to slash prices in order to stoke demand and stay competitive, which has pressured margins and profitability across the industry.