Xiaomi announced plans to penetrate the electric vehicle industry with its first-ever model SU7. Although the Chinese tech giant did not share any pricing details of the e-sedan, many customers expected it to be cheap.
However, a recent report from the local media outlet Jiemian, citing an unnamed source from a major insurance firm, revealed that the top-trim version would cost more than a Tesla Model 3.
Report highlights
According to the report, the Xiaomi SU7 top-tier variant will cost a whopping ¥361,400 ($50,350) for insurance purchases. It will reportedly feature CATL’s lithium ternary battery pack and a 265 km/h top speed.
That said, the entry-level variant will likely cost ¥250,000-¥370,000, Jiemian reports, citing market speculation.
For comparison, the Tesla Model 3 Refreshed in rear-wheel drive configuration costs ¥245,900. Meanwhile, the Long Range Refreshed AWD starts at ¥286,900, per Tesla China’s online configuration.
Notably, Xiaomi’s public relations department general manager Wang Hua later announced on Weibo that several internal units have started undergoing licensing to test all sales, delivery, service and buying insurance processes. However, it did not directly refute the prevailing speculations.
What’s currently known about the model?
Xiaomi formally introduced the SU7 at a tech event on December 28. As EV-a2z reported, it will come with two variants: SU7 and SU7 Max.
Xiaomi SU7
It is worth noting that the SU in the model’s name stands for “Speed Ultra.” The base variant will offer a rear-wheel drive configuration with a maximum output of 220 kW and 400 Nm torque. It can accelerate from 0-100 km/h in 5.28 seconds. It will feature a 73.6 kWh battery that enables a CLTC-rated range of 668 km.
Xiaomi SU7 Max
The SU7 Max has dual motors with a 425 km maximum output and 838 Nm torque. It accelerates faster, from 0 to 100 km/h in just 2.78 seconds. It also boasts a top speed of 265 km/h and a CLTC range of 800 km, thanks to CATL’s 101 kWh Qilin NMC battery.
Xiaomi CE0 Lei Jun previously announced plans to kick off the mass production of the SU7 e-sedan in the first half of 2024. It will play a significant role in the company’s goals to advance as one of the top five automakers in the world. It also aims to become one of the pioneers in the smart driving industry by 2024.
However, Xiaomi’s relatively high pricing for the new SU7 e-sedan may put it in a disadvantaged position amid the customers’ growing preference for mass-market models rather than luxury ones. Moreover, the intensifying price war may also make it harder for the company to boost sales for the model when it arrives in the Chinese market.
