Xiaomi: The titan of Chinese smartphones challenges Tesla

The first electric vehicle (EV) from Chinese smartphone manufacturer Xiaomi has been released and orders are already being accepted.

Lei Jun, the chief executive of the internet firm, announced at the ceremony that the ordinary SU7 model would cost 215,900 yuan ($29,872; £23,663), while the Max version would cost 299,900 yuan.

Within the first 27 minutes of sales, the company claims to have received over 50,000 orders.

With a slowdown in worldwide sales growth, Xiaomi has entered the electric car market, starting a price war.

With this approach, the tech giant will challenge Tesla and BYD, two rivals in the EV market. The Tesla Model 3 has a starting price of 245,900 yuan in China.

Additionally, Mr. Lei stated that the SU7, which has been compared to Porsche's Taycan and Panamera models, will outshine the Model 3 with a minimum range of 700 km (435 miles), surpassing its 567 kilometers.

The company is expecting that by using the same operating system as its phones, laptops, and other gadgets, the SU7 will become more popular with its current clientele.

Xiaomi holds a market share of approximately 12% and is the third-largest smartphone seller globally, as per research firm Counterpoint.

Similarities have been made between the Porsche Taycan and Panamera sports car models and the SU7, which Xiaomi has been hinting at since last year.

It will be produced at a Beijing plant with the capacity to create up to 200,000 cars annually by a division of the state-owned automaker BAIC Group.