China's Xiaomi enters car market with new electric vehicle

giant Xiaomi launched its first electric vehicle in Beijing on Thursday, injecting itself into a fiercely competitive sector in the world's largest car market.

A basic SU7 model will cost 215,900 yuan , Lei told a glitzy launch news conference in Beijing on Thursday evening. "Targeting affluent Chinese consumers with a premium EV allows Xiaomi to potentially offset the high manufacturing costs typically faced by EV startups," Murali said. In a note attached to the earnings report, BYD CEO Wang Chuanfu acknowledged the year had not been all smooth sailing."At the beginning of the year, the recovery of automobile consumption was relatively lagging behind, affected by the switch in promotional policies and market price fluctuations," he wrote.

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Xiaomi’s electric car go for launch — setting up challenge with Tesla and BYDWith a year-long EV price war going on in China, reception for the Xiaomi SU7 will likely dictate the company’s stock momentum after a 22% gain since a February low.
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