Chinese smartphone maker Xiaomi unveils its first $56,000 electric vehicle to take on Tesla

Xiaomi may be best known for making smartphones, but the Chinese company’s just added a new product to its portfolio.

Yesterday, the company announced its first electric vehicle and apparently, it’s firmly set its sights on tackling Tesla.

It’s called with the SU7 and will have a range of up to 804 kilometers (500 miles).

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That’s 1-0 to Xiaomi, as the Tesla Model S ‘only’ has a range of 515 to 659 kilometers (320 to 410 miles).

What’s more, the Chinese-made EV will also feature self-driving, and an entertainment system fully compatible with Xiaomi smartphones.

The SU7 will also boast blistering acceleration, rocketing it from 0-100 km/h (0-62 mph) in just 2.78 seconds, reaching a top speed of 265 km/h (164 mph).

Whether it’ll have an incredible self-parking system like the Avatr 11 or its own crabwalk like the copycat Chinese Hummer EV – who knows – but what we do know is that the SU7 will come in two versions.

There will be a single-motor model with a driving range of up to 667 kilometers (415 miles) on a single charge, and a dual-motor version with a range of up to 804 kilometers (500 miles).

As for how much it’ll cost, pricing has yet to be announced, but Xiaomi CEO and co-founder Lei Jun said during the EV’s unveiling it could be anywhere between $14,000 and $56,000.

That’s 2-0 to Xiaomi, as the Model S starts at $74,990.

It’s a bold move, but it’s not unheard of, as we’ve already seen a number of smartphone makers, including Apple and Foxconn, trying to break into the automotive business.

But unlike Apple, Xiaomi – one of the largest smartphone manufacturers in the world – aims to sell its first electric vehicle in 2024.

The timing isn’t great, though, as the SU7’s making its debit at a time when China’s auto market – the world’s largest – is wrestling with oversupply and slowing demand.

Despite these two factors stoking a bruising price war, Jun has outlined big ambitions for his company’s first EV.

Jun expects Xiaomi’s cars to rival Porsche’s performance and Tesla’s technology in the Chinese EV market.

“By working hard over the next 15 to 20 years, we will become one of the world’s top five automakers, striving to lift China’s overall automobile industry,” he said at the unveiling.