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Chinese smartphone maker Xiaomi (OTC:XIACF) on Monday reportedly said that its SU7 sedan, also known as Speed Ultra, will be priced below 500,000 yuan ($69,372).
What Happened: This marks the first time the company has confirmed the upper end of its price range, Reuters reported. It has also started displaying the vehicles at its stores across China.
The SU7 will be available in two versions, with a driving range of up to 668km (415 miles) on a single charge and another with a range of up to 800km, surpassing Tesla’s Model S range of up to 650km, the report added.
Official pricing will be announced in an upcoming launch event on March 28 and the company will subsequently start taking orders.
Why It Matters: The car was first unveiled in December, with Xiaomi aiming to become one of the world’s top five automakers. During the event, CEO Lei Jun compared the vehicle to the Porsche Taycan and the Tesla Model S, creating expectations for the vehicle to be a higher-end EV.
For 2023, Xiaomi recorded a total revenue of 271 billion yuan ($37.64 billion) with an adjusted net profit of 19.3 billion yuan ($2.68 billion), marking a year-on-year growth of 126.3%. This is despite 6.7 billion yuan in expenses related to its new initiatives, including the EV business.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
