Xiaomi Launches First Electric Car, SU7, to Compete with BYD and Tesla in China's Booming EV Market
- Xiaomi, known for phones and appliances, launching first EV model called SU7
- Competing with BYD and Tesla in crowded China EV market
- SU7 touted as "best-looking, best-driving and smartest" EV under $69K
- Expected to be priced around $35-40K range
- China pushing for EVs to make up most auto sales by 2035
- Comes as top seller BYD posts record profits but notes challenges