Xiaomi Founder Lei Jun Teases Price of SU7 Car Ahead of March 28 Launch

Lei Jun, the billionaire founder and CEO of Chinese gadget maker Xiaomi, has hinted at the price range for the company's highly anticipated SU7 electric vehicle (EV), which is set to launch on 28 March. In a post on the Chinese social network Weibo, Jun suggested that the top-end model would be priced below $69,424 (approximately ₹57 lakhs).

Dubbed a lovechild between a Porsche and a Tesla, the Xiaomi SU7 has been making waves since its unveiling in December. The car, which stands for Speed Ultra 7, was recently showcased at the Mobile World Congress in Barcelona. Xiaomi's founder describes it as the "best looking, easiest to drive, and smartest car" in its price range.

Xiaomi announced its EV project three years ago, with a commitment of $10 billion (approximately ₹82,000 crore) to the venture. Lei Jun has often stated that this will be his final entrepreneurial endeavour, hinting at a potential retirement from Xiaomi, the gadget maker he founded after leaving Kingsoft.

In a post on X, formerly known as Twitter, Lei Jun shared his determination and the challenges faced over the past three years. "Three years ago, I announced that Xiaomi was going to enter the EV market. This is my final new venture - I am putting my reputation on the line to fight for a vision I deeply believe in. Over the past three years, I have faced countless challenges. But one thing remained constant in my heart: an unwavering determination to keep driving forward. This will be a momentous first step for Xiaomi EV, a battle I've set out to conquer. To our global fans, I'm inviting all of you to join me for the Xiaomi EV Launch livestream on March 28th," he wrote.

Xiaomi has an ambitious goal to become one of the world's top five car makers. Jun claims that the SU7 can offer better acceleration than even a Tesla or Porsche. The car is currently on display in 67 Xiaomi stores across 29 Chinese cities, showcasing the Ocean Blue colour variant. A new Xiaomi Car app has also been added to the Chinese App Store.

The SU7's curvy design is a functional choice to reduce aerodynamic drag, which improves straight-line speed, acceleration, and range. The car will be offered in two variants — one with a range of 668 km and another with 800 km, which is higher than that of Tesla's. However, these figures are based on benchmarks set by Chinese regulators, which are more lenient than the US EPA standards.

Xiaomi is not the only Chinese gadget maker to venture into the EV space. Huawei has made a significant foray into the smart electric car market, while Meizu has fully pivoted to automotive. Xiaomi's cars are being manufactured by BAIC, a Chinese state-owned company with a factory in Beijing capable of producing 200,000 vehicles per year.