Xiaomi Unveils $29,900 Electric Car to Challenge Tesla in Crowded Market

Xiaomi Corp. is launching its first electric vehicles, the SU7 series, with aggressive pricing starting at $29,900, aiming to succeed in the competitive EV market where Apple faltered. The company plans to begin mass deliveries by the end of April and is sweetening the deal for early orders with additional freebies. Xiaomi's CEO Lei Jun presented the strategy, benchmarking against Tesla's Model 3 and the electric Porsche Taycan, and aims to become a top global carmaker in 15 to 20 years. The ambitious EV bet arrives at a time of slowing growth for China’s electric car purchases, with industry projections showing a decline in sales growth.