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Xiaomi denies any possibility of low-cost EV version as an effort to lower the starting price, according to a post released by its official account of Chinese microblogging social media Weibo on Monday. Xiaomi’s auto unit has fully consistent principles to initiate a project and always gives “experience first” as top priority, the company said in the post to answer frequently asked questions these days, adding that its first model SU7 is a standard version without any low-cost varieties. The Chinese smartphone leader confirmed it doens’t plan to launch vehicles under Redmi, its sub-brand with entry-level and mid-range priced smartphones. “There is not any such plan as we currently still focus on creating the entire production and sales chain of our first car-- Xiaomi SU7 very well,” Xiaomi said in the post.

As to the pricing range of SU7, XIaomi said it did have not make final decision and cited its founder and CEO Lei Jun’s saying that the model will cost high but the price is “reasonable”. Lei earlier this month suggested SU7 could be priced at up to RMB500,000, or more than US$70,000. Is there any competitor for SU7 among EVs with prices under RMB500,000? Lei responded to a netizen’s question about the selling price as part of comments of his post. The Monday’s post noted Lei’s remark is serious and Xiaomi feels very confident that SU7 is incomparable in the price segment below RMB500,000.

Xiaomi also clarified that all the rumors about SU7 prices circulated online are untrue, reiterating that the final pricing will make public at the official launch of the vehicle. It also stressed, as Lei Jun recently said, SU7 will unlikely cost as low as RMB99,000 or RMB149,000.

At an event on December 28, Xiaomi unveiled technologies that empower SU7 and its specs, but not disclosed launch timetable or price tag. Lei Jun reiterated Xiaomi wants to become the top five automobile club in the world in the next 15 to 20 years. He ruled out the low pricing. It’s impossible to set a price of RMB99,000 or RMB149,000, Lei said. He noted vehicles powered by batteries with the same specs as SU7 are sold for more than RMB400,000 at average. “Let’s show respect for the underlying technology ,” Lei said. In a post on X prior to the event, Lei said SU7 is in trial production and it will hit the domestic market in a few months. “The price has not been finalized yet, but we promise it will exceed your expectations,” according to Lei.

“Xiaomi’s goal is to make a dream car comparable to (those from) Porsche and Tesla,” Lei Jun said during the event. While Lei said SU7 isn’t built to chase any specific competitor, the executive suggested the smart sedan will compete with the Porsche Taycan and Tesla’s Model S. Xiaomi has engineered the SU7 to offer a level of driving performance that stands among the best in its class, including the Porsche Taycan Turbo, and has prioritized intelligent technology, drawing inspiration from the advanced systems in cars like the Tesla Model S, Lei said.

Xiaomi showcased the basic version SU7, namely, the rear-wheel-drive variant, backed by BYD’s LFP battery, has a single electric motor, with the peak power of 220kW and the maximum speed of 210km/h. The CATL battery-powered premium variant will be a dual-motor setup that combines the front motor and the rear motor, which enables the vehicle to drive as fast as 265km/h. Moreover, it has a zero to 100km/h acceleration time of just 2.78 seconds, beating the Porsche Tycan Turbo, and officially join the “2 seconds Supercar Club” with a single step.

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