Xiaomi’s CEO Lei Jun has given some early pricing details on the company’s first EV, the SU7 (‘Speed Ultra 7’).

The Chinese smartphone maker announced in 2021 that it planned to enter the EV space, move that would heighten competition in an already-crowded market.

On Chinese social media site Weibo, Mr Jun said: “Xiaomi SU7’s goal is to be the best-looking, best-driving, and smartest car within 500,000 yuan ($69, 424).” The post confirmed the upper limit of the pricing range.

Mr Jun added on Musk-owned platform X: “This is my final new venture – I am putting my reputation on the line to fight for a vision I deeply believed in.”

The official price range is expected to be announced later this week at a launch event on 28 March.

Speaking to Just Auto back in 2021, Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData said Xiaomi’s decision to enter the EV segment “follows the trail of competitors and tech companies such as Apple, Huawei, Sony and Foxconn.”

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