China's latest EV is a 'connected' car from smart phone and electronics maker Xiaomi

abcnews.go.com:

Xiaomi, a maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars with a sporty high-tech sedan

BEIJING — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars with a sporty high-tech sedan.

The tech company said it would begin accepting orders in China via an app on Thursday night, after founder Lei Jun wrapped up a more than two-hour presentation on the SU7 car by announcing the much-awaited price range: 215,900 yuan to 299,900 yuan (about $30,000 to $40,000).

Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry's sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto giants.

Lei was not bashful about that challenge, saying that Beijing-based Xiaomi aims to become one of the world's top five automakers in the next 15 to 20 years. It's hard to make cars, he told an audience in a live-streamed presentation at a convention center, but added that it's cool to succeed.

The combined share of EVs and hybrids in China’s auto sales is likely to reach 42% to 45% this year, up from 36% in 2023, according to Fitch Ratings. But the agency said in a December report that the competition could put pressure on automakers’ short-term market share and profitability.

Lei said Xiaomi would lose money on the basic model at 215,900 yuan, a price that undercuts the Tesla Model 3 in China. He claimed the SU7 outperformed the Tesla in most categories, though the