Photo by Andrew Roberts on Unsplash
Xiaomi Unveils EV $4K Cheaper Than Tesla’s Model 3
March 29, 2024
As the battle to bring the most cost-effective electric vehicles to the market heats up, the Chinese smartphone company Xiaomi announced that its first electric car will go on sale for significantly less than Tesla’s Model 3.
Xiaomi’s CEO, Lei Jun, explained that the standard model of the SU7 will hit the market in China with a competitive price of 215,900 yuan ($30,408), marking a daring move by the company despite selling each vehicle at a loss. This pricing strategy positions the SU7 as a strong contender against Tesla’s Model 3, which starts at a higher price point of 245,900 yuan in the Chinese market.
Lei said the standard edition of the SU7 overtook Tesla’s Model 3 on over 90% of its specifications. However, he noted that two areas could take the company at least three to five years to get up to speed with Tesla. Highlighting the SU7’s impressive features, Lei mentioned its minimum driving range of 700 kilometers (approximately 435 miles), beating the Model 3’s range of 606 kilometers. Xiaomi reported an overwhelming response to the SU7, with orders exceeding 50,000 cars within just 27 minutes of its launch on Thursday at 10 p.m. in Beijing.
Lei said that by the end of April, deliveries are scheduled to commence. He also shared a bit about the company’s car factory, which has entirely automated “key” steps, giving the ability to turn around the production of an SU7 vehicle every 76 seconds. However, it remains unclear whether the factory is currently operating at full capacity.
On Thursday, Jun posted on X about the SU7, saying, “This special model boasts a unique metal signature that adorns both the exterior and interior. For an added touch of exclusivity, it features a numbered nameplate fixed onto the steering wheel and carbon fiber rearview mirrors.”
The SU7 is stepping into a fiercely competitive market in China, where companies are bringing a range of fresh models to the market at cheaper price points to be able to survive. Tech giant Huawei based in China has joined forces with automobile manufacturers such as Aito for new cost-effective EVs.
According to the China Passenger Car Association, sales of new energy vehicles, which include battery-only powered cars, have shot up in China to accommodate for around one-third of new passenger cars sold.
Recent News
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.