Xiaomi, a popular smart consumer electronics manufacturer based in China, is entering the country's bustling electric car market with a stylish and technologically advanced sedan.
The company recently unveiled its latest electric car, the SU7, and started taking orders on Thursday. With a price tag of 215,900 yuan (27,700 euros), the SU7 offers an attractive option for consumers, significantly undercutting the price of the Tesla Model 3 in China.
Xiaomi's entry into the electric vehicle sector attracted considerable attention, as evidenced by the 50,000 orders received for the SU7 in the first 27 minutes of sales opening at 10pm local time in Beijing. China's status as the world's largest electric vehicle market, fueled by government subsidies, has fueled fierce competition among manufacturers.
While most electric vehicle sales have been domestic, Chinese automakers are increasingly looking to overseas markets, offering competitively priced models that challenge established players in Europe, Japan, and the US. can.
However, this expansion is not without controversy. Late last year, the European Commission launched an anti-subsidy investigation into low-cost electric cars from China. The Commission expressed concern over the potential distortion of European markets by these vehicles.
