OREANDA-NEWS The first electric car produced by the Chinese company Xiaomi will cost less than 500 thousand yuan ($69.4 thousand), said the founder and CEO of the company Lei Jun.

For comparison: prices for the Tesla Model S in China start at 698.9 thousand yuan, for the Model 3 - from 245.9 thousand yuan.

"Our goal is to make Xiaomi SU7 the most beautiful, driving-friendly and smart sedan in the price range below 500 thousand yuan," Lei Jun wrote on the Weibo social network.

Sales of the five-seat sedan, dubbed the SU7 (Speed Ultra), will start on March 28. It will be available for pre-order in 59 Xiaomi stores in 29 Chinese cities.

The electric car, announced back in 2021, was introduced at the end of 2023. It has a range of up to 800 km on a single battery charge and can reach speeds of up to 265 kilometers per hour.

Xiaomi shares rose 0.1% in Hong Kong on Monday, the price of the electric car was announced after the close of trading. Since the beginning of this year, the company's capitalization has decreased by 5%.