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Lei Jun, Chairman and CEO of Xiaomi, stated that the price range of the company’s first pure electric vehicle, scheduled for release in the first half of this year, will be high, and its performance will be comparable to that of internal combustion engine cars priced around 3 million yuan (approximately 554.55 million KRW).
In an interview with China Central Television (CCTV) on the 21st, Lei said, "Xiaomi’s electric car has a very powerful configuration," adding, "Its performance is equivalent to existing internal combustion engine cars worth 2 to 3 million yuan." He continued, "The price will actually be somewhat expensive," and explained, "We will announce it at the official product launch." He also elaborated, "Currently, we are in the small-scale mass production phase," and "It will be launched in the first half of this year."
Regarding criticism that the electric vehicle launch is somewhat delayed, he said, "Being late has the advantage of being a latecomer," emphasizing, "Xiaomi has grown from a small company to a large one, and I believe we have strong competitiveness in the automotive field as well." He added, "The next 10 years will be a period led by hardcore technology," and "It will take Xiaomi 10 years to become a global leader."
Earlier, Xiaomi unveiled its first pure electric vehicle, the SU7, on the 27th of last month. Having declared its entry into the electric vehicle market in 2021, Xiaomi has so far invested over 10 billion yuan in electric vehicle development, demonstrating strong commitment. On the day of the new car’s unveiling, Lei expressed his ambition, saying, "We want to become one of the world’s top five automobile manufacturers within the next 15 to 20 years," and "Xiaomi’s goal is to create a dream car that competes with Porsche and Tesla."
Although Xiaomi has revealed all the major specifications of its electric vehicle so far, the price has not been disclosed. Earlier this month, when rumors about the SU7’s price spread, Lei attracted attention by stating on his social media that "there is no competitor within 500,000 yuan." The market speculated from this comment that the final price would be between 200,000 and 500,000 yuan. Some analysts predicted that if the SU7’s price, compared to the performance of Xiaopeng P7, is between 200,000 and 300,000 yuan, annual sales would reach about 60,000 units, while if priced above 300,000 yuan, sales would be around 3,000 units.
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