Within 24 hours of the Xiaomi SU7 making its grand debut in China earlier this year, about 100,000 people put down a deposit for an electric vehicle from a company that had never made a single car before. Even by the standards of some of the EV startups that have come and gone over the years, that's a mind-blowing statistic. How did that happen, exactly? To understand that, you have to understand Xiaomi.
The stats boost its case: about 300 horsepower in single-motor rear-wheel-drive form, a BYD Blade battery pack, 434 miles of range on China's testing cycle, all for the equivalent of $30,500 in the U.S. It's being billed as a Tesla Model 3 competitor, just cheaper and with more range. Even if you're not a fan of China or its EVs, you can start to see the appeal.
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