Chinese electronic giant Xiaomi has started selling its highly anticipated first electric vehicle, the SU7, with prices starting from CNY215,900 (USD29,870).

The SU7 Pro and SU7 Max are priced at CNY245,900 and CNY299,900 (USD34,020 and USD41,495) each, Chairman Lei Jun announced at a launch ceremony in Beijing today. President Lu Weibing had previously said the sedan’s pricing would be slightly expensive.

The SU7 is the first result of Xiaomi’s pledge to spend USD10 billion over a decade to make smart EVs. Lei announced the Beijing-based firm’s foray into the car industry in March 2021 and set up Xiaomi Automobile that September with CNY10 billion (USD1.4 billion) of registered capital.

The SU7 standard version has a range of 700 kilometers based on the China Light-Duty Vehicle Test Cycle, while the SU7 Max can do 800 km. The SU7 Pro and the SU7 Founders Edition come with a similar look. All the versions are smart as they can navigate on autopilot on highways and feature one-touch automated valet parking as well as parking assistant.

Xiaomi is in awe of making cars, Lei said on Weibo yesterday.

The company has 14 years of experience in manufacturing smart products and ecosystems, which should make the car challenge easier even though producing them is still very complicated, requires huge investment, and takes a long time, he said. Moreover, the industry faces intense competition, Lei added.

Xiaomi Auto has more than 1,000 staff coming up with smart driving technologies, and that is expected to top 1,500 by December, Lei said, adding that the firm aims to become this year one of the leading players in a field dominated by the likes of Tesla, Nio, and Xpeng.