Xiaomi Unveils $30,000 Electric SUV to Rival Tesla in China, Draws 50,000 Orders in Under 30 Minutes

Xiaomi co-founder Lei Jun unveiled the company's first electric vehicle, the SU7, positioning it as a competitor to Tesla's Model 3 in China
The SU7 EV was developed in just 3 years with backing from Beijing authorities, and Lei drew comparisons between himself and Elon Musk
The base model SU7 is priced under $30,000, cheaper than the Model 3, though Lei originally planned to sell a high-end version for around $48,500
Lei stated the EV project will lose money initially but Xiaomi has cash reserves to withstand competition over 5 years
Within 27 minutes of going on sale, Xiaomi said it had received 50,000 orders for the SU7 EV