Xiaomi releases electric car $4K cheaper than Teslas Model 3 as price wars heat up
Summary
Lei claimed the standard version of the SU7 beat the Model 3 on more than 90% of its specifications, except on two aspects that he said it might take Xiaomi at least three to five years to catch up with Tesla on. Lei also claimed that Xiaomis car factory, for which all "key" steps are fully automated, can produce an SU7 every 76 seconds. Earlier this week, the Xiaomi CEO said on social media the SU7 would be the best sedan "under 500,000 yuan" ($69,328). The car is entering a fiercely competitive market in China, where companies are launching a slew of new models and cutting prices in order to survive. Tesla s Model 3 is the best-selling new energy sedan in China that has a driving range of at least 600 kilometers (372 miles) and costs less than 500,000 yuan, according to data from industry website Autohome.