Xiaomi CEO teases price of its first electric car SU7, EV reaches showrooms

Xiaomi SU7: The world of electric vehicles (EVs) will soon see a new entrant. Global technology brand Xiaomi is all set to make an entry this week.  Xiaomi CEO Lei Jun on Monday said that Xiaomi's first electric vehicle, SU7, short for Speed Ultra 7, aims to be the “best looking, easiest to drive and smartest car” priced below 500,000 yuan ($69,424), Reuters reported. The Chinese smartphone maker's first electric vehicle SU7 will be officially unveiled on Thursday.

Anticipation for the car has been building up since Xiaomi unveiled the vehicle in December and announced it aimed to become one of the world's top five automakers. Lei has touted it as having technology capable of delivering acceleration better than Tesla cars and Porsche's EVs.

On Monday, 76 Xiaomi stores in 29 Chinese cities started displaying the EV. Prospective customers and car bloggers reportedly lined up to get a close view of the “ocean blue” version. The company has also uploaded its “Xiaomi Car” app to Chinese app stores. An app of Xiaomi's 1810.HK car was launched on Apple's App Store in China.

The SU7 will come in two versions – one with a driving range of up to 668km (415 miles) on a single charge and another with a range of up to 800 km. In comparison, Tesla’s Model S has a range of up to 650 km.

As per the company, the Xiaomi SU7 Max can go from 0-100km/h in 2.78 seconds, while the Xiaomi SU7 reaches 0-100km/h in 5.28 seconds. The top speed of the SU7 is 210km/h and for the SU7Max, it is 265km/h.

Xiaomi claimed to offer 299 ps horsepower equivalent power and max torque of 400 Nm. The SU7 Max claimed to offer 673 ps horsepower and 838Nm torque.

Earlier, Xiaomi had said the SU7 will launch with a choice of battery packs. The standard 73.6 kWh battery promises a range of 668 km. The higher-end 101 kWh battery can deliver up to 800 km on a single charge. 

Similarly, customers can opt between rear-wheel drive with a 299 PS motor or a 673 PS dual-motor all-wheel drivetrain.

Besides this, Xiaomi said it will pack the car with high-tech features like adaptive cruise control, parking assistance, entertainment screens, a 25-speaker system, and connectivity options.

Xiaomi has pledged to invest $10 billion in autos over a decade and is one of the few new players in China's EV market to gain approval from authorities, who have been reluctant to add to the supply glut.

Its cars are being produced by a unit of state-owned automaker BAIC Group in a Beijing factory with an annual capacity of 200,000 vehicles.