Xiaomi Budget SU7 'Outperforms' Tesla and Porsche

As promised, Chinese smartphone maker Xiaomi launches its first ‘Porsche-beating’ battery-electric vehicle priced cheaper than the entry-level Tesla Model 3 sold in China.

The Speed Ultra 7 (SU7) hits the showrooms this month with a sticker price of just 215,900 yuan ($29,900) but claiming faster acceleration than the rival Porsche Taycan.

Reuters reports the car made its official global debut in a two-hour presentation by Xiaomi CEO and founder Lei Jun, who claimed the minimum expected range of the SU7 would be 435 miles (700 km) against the claimed maximum of 352 miles (567 km).

The company also announces that it received 50,000 orders within the first 27 minutes. Deliveries for the Standard and Max models will start in late April and the Pro models will follow by the end of May. Xiaomi says it will invest $10 billion in its vehicles business over the next 10 years.

Lei admits the shift from electronics to car manufacturing was not easy. He says: “In the three years of developing this car, my biggest realization is that making cars is extremely difficult. Even a giant like Apple gave up on it. So today, every person who is still persevering in making cars is a hero of our time.”

The SU7 will go on sale in 211 stores across 39 Chinese cities by end of this year but Jun would not say whether the car will be sold in other global markets.