China's Xiaomi jumps into EV market battle with gusto

BEIJING/TOKYO -- Xiaomi, one of the world's largest smartphone makers, has jumped into the electric vehicle market, releasing a model that is priced at less than half that of EVs offered by Tesla of the U.S. and Porsche of Germany, despite offering better performance than those prestigious brands.

Envisioning a "dream car," Xiaomi CEO Lei Jun spoke passionately about his company's first EV, the SU7, for three hours at an event in Beijing on March 28. The climax of his presentation came near its conclusion. The audience erupted into applause when the price of the sporty vehicle was revealed on screen -- along with specs that leave the American and German cars behind.