Xiaomi SU7 ready to fight Tesla Model 3 with more range, more power and cheaper price tag.

Xiaomi has officially launched its first EV, becoming the first smartphone maker to do so. The SU7 will take on Tesla and BYD in its home market and the initial signs look good with some 50,000 orders being taken within the first half-an-hour of sales.

The SU7 is priced from 215,900 yuan (around $30,000), which undercuts the base Tesla Model 3 by around $4,000. The Max variant is priced at 299,900 yuan ($41,500).

It also beats the Model 3 on range boasting a minimum range of 435 miles in Standard trim and up to 516 miles on Pro.

The technology powerhouse aims to be one of the top five automakers in the world in the next two decades.

In addition to its performance credentials, the SU7 boasts a ton of tech, including a head-up display, a Dolby Atmos sound system, and Pilot Pro ADAS with vision. In terms of charging times, the SU7 can get up to 137 miles of range in just five minutes, and the Modena electric car platform used by the EV is capable of housing a 150kWh version of the lithium-ion battery that would give it a 746-mile range.

Xiaomi also launched a new smartphone range in colors that match the new car that will work seamlessly with the SU7. Deliveries of the SU7 are slated to begin in China next month.