Chinese tech giant Xiaomi is taking on Tesla with their new electric car, the SU7.
The launch positions them as a direct competitor, particularly targeting Tesla’s Model 3. Their CEO, Lei Jun, plays up his personality to generate buzz, similar to Tesla’s Elon Musk.
Xiaomi aims to leverage its existing success in electronics to the EV market. The SU7 boasts a competitive price to attract budget-conscious buyers in China.
Despite challenges and potential losses, Xiaomi has strong government backing, similar to Tesla in China. Analysts debate the long-term success, with some fearing a decline in Xiaomi’s core business. Regardless, the SU7 has created a stir, with a whopping 50,000 orders in the first 27 minutes of sale.