• The new SU7 electric sedan will start from under 500,000 yuan or less than $69,000 in China.
  • The base single-motor model gets 295 hp, while the flagship dual-motor version pumps out 664 hp.
  • Production will take place at a BAIC Group-owned facility in Beijing.

The smartphone gurus at Xiaomi have done what Apple has been unable to do and built a compelling electric vehicle that will soon hit the market. It has been five months since the car was unveiled and the firm’s chief executive Lei Jun has dropped the first hint about its pricing in China.

In a recent Weibo post, Jun said he wants the SU7 to be the “best looking, easiest to drive and smartest car” available for less than 500,000 yuan (~$69,000). While such a price tag in the U.S. would blow the competition out of the water, EVs remain heavily subsided in China and are significantly cheaper compared to the rest of the world. The BYD Seal starts at just 179,800 yuan or around $24,000.

Watch: Ex-BMW Designer Chris Bangle Blesses Xiaomi’s SU7 In New Promos

A price tag of around 500,000 yuan will put the SU7 in competition with the Nio ET7 sedan which also starts at around the half-a-million mark. It significantly undercuts the imported Porsche Taycan, which starts at over 900,000 yuan (~$124,000) and tops out at over 1.4 million (~$166,000). Xiaomi will announce pricing this Thursday and start accepting orders for the sedan.

 Xiaomi’s SU7 Electric Sedan Will Cost Half As Much As A Porsche Taycan

76 Xiaomi stores in 29 cities across China recently started displaying the SU7. In China and overseas, the technology giant has built a reputation for providing good value electronics so nailing the price on their first car is essential.

There’s plenty to like about the SU7. Entry-level models rock a single electric motor at the rear with 295 hp and 295 lb-ft (400 Nm) of torque, allowing them to hit 62 mph (100 km/h) in 5.28 seconds. The two flagship models have dual-motor setups with 664 hp, 800-volt architecture, and 101 kWh battery packs.